Zoom (ZM) Looking to Breakout after Extended Consolidation

BATS:ZM   Zoom Video Communications, Inc.
I really like this opportunity from ZM here. The stock is cheap on many metrics and the market is pricing in a bearish case. If ZM can post even minimal growth in 2024, the stock should rip.

We've had almost a year of consolidation in this $60-$74 range and we're attempting to break out. It's just a matter of time.

I'm targeting ~$97 to fill the gap made in August 2022. After such a long period of consolidation, a breakout should cause some short covering and bring in traders on a technical basis. If we break below the range, it would signal a failure and I would cut my losses

High probability trade

Target: $97 (+34%)
Stop Loss: $58 (-19%)

- Sultan of Chart

Never let the fear of striking out get in your way.

- Sultan of Chart

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