Zoom Potential Rounding Bottoming
Zoom Video was a darling stock during the pandemic when office workers were sheltering in place at home and communicating via video chats. Price hit a high near $600 in Q4 of 2020 and has fallen roughly -80% to current levels where it has levelled off and appears to be forming a bottom in the $70 range.
Currently price is attempting to hold and trend above the 200ma which it hasn't done since the summer of 2021 when the previous attempt to regain the 200ma failed. Going forward we want to see price hold above the 200ma and take out short-term resistance at $75-$76.The short-term MA's are currently rising above the longer MA's which is an indication of a short-term bullish trend for price. We want to see price continue to move higher and for the short MA's to rise above the 200ma for a sign of bullish trend continuation.
The PPO indicator show the green RSI line rising above the purple signal line which is a short-term bullish momentum indication. Both lines trending above the 0 level indicates intermediate to long-term bullish momentum behind price.
The TDI indicator shows the RSI line crossing above 60 and in the upper half of the white Bollinger Bands which indicates a short-term bullish trend in price. The overall action of the green RSI line is trending between the 40-80 levels which indicates intermediate to long-term bullish price trend. Going forward we want to see the green RSI line continue to rise above the 60 level for short-term bullish bias in price which would help maintain above the 200ma.
Price gapped down in Aug of 2022 so should Zoom hold current bullish bias and take out short-term resistance levels we could see a move to fill the gap up near $95-$96.
My entry is at $73.95 with a stop loss at $68. No upper price target for now other than the gap target, will raise my stop-loss order as price moves higher and creates a series of higher highs and higher lows assuming that a breakout is coming.
Currently price is attempting to hold and trend above the 200ma which it hasn't done since the summer of 2021 when the previous attempt to regain the 200ma failed. Going forward we want to see price hold above the 200ma and take out short-term resistance at $75-$76.The short-term MA's are currently rising above the longer MA's which is an indication of a short-term bullish trend for price. We want to see price continue to move higher and for the short MA's to rise above the 200ma for a sign of bullish trend continuation.
The PPO indicator show the green RSI line rising above the purple signal line which is a short-term bullish momentum indication. Both lines trending above the 0 level indicates intermediate to long-term bullish momentum behind price.
The TDI indicator shows the RSI line crossing above 60 and in the upper half of the white Bollinger Bands which indicates a short-term bullish trend in price. The overall action of the green RSI line is trending between the 40-80 levels which indicates intermediate to long-term bullish price trend. Going forward we want to see the green RSI line continue to rise above the 60 level for short-term bullish bias in price which would help maintain above the 200ma.
Price gapped down in Aug of 2022 so should Zoom hold current bullish bias and take out short-term resistance levels we could see a move to fill the gap up near $95-$96.
My entry is at $73.95 with a stop loss at $68. No upper price target for now other than the gap target, will raise my stop-loss order as price moves higher and creates a series of higher highs and higher lows assuming that a breakout is coming.