Thecontrariandaily

ZM still under Massive Selling Pressure

Short
NASDAQ:ZM   Zoom Video Communications, Inc
Today we have ZM (ZOOM) on the daily chart

With the huge sell offs in the market we still see much more downside on the table especially for growth and tech stocks like ZM.

We offered a bullish outlook that would have an inverse Head & Shoulders forming
However to complete the right shoulder we would still need to sell down into the low High 90s

We do have some news coming out tomorrow so ideal would be to see a pump in the market back into the 108s-110 area before the selling continues.

We are prepared go see even higher prices to make a true daily retest or Double top back at 112-115 area

Not unless we break above and close above 117 will our bearish bias be removed.

With that being said.. we DO NOT think we are forming a bullish Inverse Head and Shoulders and will likely close this week towards the lows of 90

Comment: No trade on ZM yet but we did complete a double top. Looking to grab some contracts this week.
Comment: Double top has been formed. now were looking for some shorting opportunities
Comment: Looking to enter Zoom next week, Monday or Tuesday
Trade closed: target reached: Didnt take a Trade on ZM however looking back I see we pumped a little more before making the dump to the intended target.

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