In between those there is a secondary , it's coiling a bit tighter and still important to the analysis. Recently price rejected at the intersection of this secondary and a 1D trend (line 4) from over 16 months ago. Price rejections are fine in set ups, they're expected. What bulls would want to see in this scenario is that this rejection sets a higher low and then retests and pushes through that resistance. Following that push bulls would want to see a structure swap, this is merely support OR resistance giving way to price action and then acting in the opposite fashion. So a resistance giving way to buyers and then those same buyers turning that level into a support and vice versa.
Once above line 4, I'd pay attention to resistances at 345 & 354. After that it should be relatively smooth sailing until 375 or so, in line with the pockets. Market makers will move price around to areas they find valuable, this could be pushing an equity to a support to take a long position or actually pushing it to a resistance in order to find short liquidity. With there being valuable price ranges for stocks, there are also areas where an underlying is less valuable from a trading perspective. I'm of the belief market makers do not find much value in the 357 to 375 range so price should push through without much issues provided overall market conditions allow it to do so. There are some November calls in UOA that suggest ZM might move towards line 3 though a move of that magnitude should take quite a while, if it happens at all.
$ZM 7/16/21 $350 Calls $780K Block order [13.00 per contract] <- I like these, personally
$ZM 11/19/21 $450 Calls $161K Sweep order [4.90-6.00 per contract]
- Warwick, OptionsSwing Analyst