Zoom Communications (ZM) — Technical Setup
Price recently broke above key resistance at $83.95 and is now retesting that level, which could act as new support. If this level holds, I'm anticipating a bullish continuation toward the next resistance at $92.72 — representing a potential 10.4% upside.
📈 Golden Cross: The 50 EMA has just crossed above the 200 EMA, signaling a longer-term trend reversal to the upside.
🔍 Indicators:
MACD: Bullish crossover above the signal line and rising above the 0 line with green histogram bars — showing early momentum.
RSI: Hovering around 63 — approaching overbought but still in a healthy uptrend zone.
Stochastic: In overbought territory, but no bearish cross yet. Watching closely.
📉 Volume: Breakout occurred on moderate volume. A pickup in volume would help confirm a continuation.
🔻 If $83.95 fails to hold as support, I’m watching the next key level down at $78.23 (~6.8% downside) as a possible retracement zone.
🎯 Plan: Watching for price action and volume around $83.95. A strong bounce here could trigger a long entry targeting the $92 zone, with a stop below the support.
Let me know your thoughts in the comments — do you think support will hold, or is this a false breakout?
Price recently broke above key resistance at $83.95 and is now retesting that level, which could act as new support. If this level holds, I'm anticipating a bullish continuation toward the next resistance at $92.72 — representing a potential 10.4% upside.
📈 Golden Cross: The 50 EMA has just crossed above the 200 EMA, signaling a longer-term trend reversal to the upside.
🔍 Indicators:
MACD: Bullish crossover above the signal line and rising above the 0 line with green histogram bars — showing early momentum.
RSI: Hovering around 63 — approaching overbought but still in a healthy uptrend zone.
Stochastic: In overbought territory, but no bearish cross yet. Watching closely.
📉 Volume: Breakout occurred on moderate volume. A pickup in volume would help confirm a continuation.
🔻 If $83.95 fails to hold as support, I’m watching the next key level down at $78.23 (~6.8% downside) as a possible retracement zone.
🎯 Plan: Watching for price action and volume around $83.95. A strong bounce here could trigger a long entry targeting the $92 zone, with a stop below the support.
Let me know your thoughts in the comments — do you think support will hold, or is this a false breakout?
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.