RingCentral Inc

In a Stage 3 topping regime marked by a blow-off top, the medium-term tradable side is bearish. Price is currently pulling back into the 9/20 EMA support cluster without clear exhaustion or rejection, leaving timing indeterminate. We defer bearish engagement and look to trim into strength once a decisive bounce and rejection at resistance emerges.

• ↑Q2 revenue of $657M (+5.9% YoY) and subscription revenue of $634M (+5.8% YoY) show solid demand
• ↑Free cash flow of $180M (+25% YoY) with FY guide raised above $600M supports growth and returns
• ↓Negative growth indicators and longer sales cycles hint at stalled expansion