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dorfmanmaster

Zoom testing convoluted level

Zoom Video Communications, Inc. (NASDAQ:ZM)  
dorfmanmaster  
NASDAQ:ZM   Zoom Video Communications, Inc.
Trend Analysis Chart Patterns Beyond Technical Analysis rotation cloud wfh retracement convergence
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trendanalysis chartpattern beyondta rotation cloud wfh retracement convergence
Technical analysis
  • From October 19th, we have seen a 26-trading-day downtrend. The second attempt to break the trend was at the 38.2% fibonacci retracement level, which failed.
  • We are now trying to test the same downtrend line (Red arrow), while also testing the 61.8% fibonacci retracement level.
  • The 50sma which is converging with the 50% Fib; which seems to have a heavy resistance weight.
  • OBV is in a range.


Rotation analysis
  • Cloud/WFH stocks saw a big rally in response to the pandemic. With vaccine news, the gave some of it back.
  • Looking at the ratio of Value vs Growth in the $SPX, we still haven't broken the uptrend; indicating strength is still in play in growth.
  • I expect the small caps to continue to outperform if we get the stimulus that is anticipated in the next couple of months.
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