$ZM Bullish Descending Triangle
$ZM Bullish Descending Triangle
After blasting off after ER and subsequently filling the gap down, $ZM ran to make new all time highs at $530. Following this, $ZM has consolidated and formed a clear Pennant with support at the previous ATH level (resistance turned support) at $480 (and also at $463).
What is interesting to note is that the light-blue line down the center of the pennant is more or less a resistance-turned-support line which is showing strength in the price action even as we pull back from the $530, ATH level.
5min
Quite interesting to me that there's an island bottom on the 5min at previous all time highs.
BTO $ZM $500c 10/9 avg $10 (Weeklies may be a bit greedy here. $ZM sport a high IV, therefore ITM options should be considered with $ZM. Would also consider $ZM 10/16 $480c
After blasting off after ER and subsequently filling the gap down, $ZM ran to make new all time highs at $530. Following this, $ZM has consolidated and formed a clear Pennant with support at the previous ATH level (resistance turned support) at $480 (and also at $463).
What is interesting to note is that the light-blue line down the center of the pennant is more or less a resistance-turned-support line which is showing strength in the price action even as we pull back from the $530, ATH level.
5min
BTO $ZM $500c 10/9 avg $10 (Weeklies may be a bit greedy here. $ZM sport a high IV, therefore ITM options should be considered with $ZM. Would also consider $ZM 10/16 $480c
Comment:
$ZM is finally moving. Should find resistance at $530 which it will need to push through to avoid forming a double top
Comment:
$ZM broke out to new highs. Should be able to get north of $600 now. Note purple trendline which may act as resistance. Also may not. Watch for parabolic movement on large volume to confirm the breakout.