Coming further down with news over inflation. We may see a small bounce tomorrow, but overall more downside especially for next week more than likely. It wouldn't necessarily be a crash, but it would be a large correction, especially for the tech sector and the spy.
Hello dear community! This is my first post here, so, I hope you like it 😊
I want to share with you a trading idea on ZM 🚀:
Buy point: 314.58
Exit point: 325.48
Risk/Reward ratio: 3.91
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ZM - This wave 4 correction I talked about a few months ago turned into a combination it seems and reached equality of wave W vs Y.
Price also bounced off the anchored VWAP from the wave 2 low.
But I don't recommend blindly buying right now, unless using tight stops of course, but rather wait for a confirmation that price really wants to turn first.
This is a chart of Zoom (Ticker ZM). Zoom is a video conferencing company that has remained strong in the COVID-19 sell-off. Why? Because a large number of people have been forced to video conference from home on quarantine. While most stocks are down on a year-to-date basis, Zoom is actually up more than 100% YTD!
The community on TradingView has been following...
$ZM broke out of a bullish inverse head and shoulders pattern
Price just retested the neckline of the head and shoulders pattern. Watch for a bounce from the neckline for continuation to the upside.
Let me know what you think in the comments. Please leave a like if you agree with my analysis! 👍🏽
The 3rd wave has retraced so far below the 0.5 level i.e. 323.91 and is expected to retrace till 0.618 level of Fibo i.e. 261.74, completing the fourth wave.
The position could be squared off at around1.618 level of Fibo i.e. 915.21.
Enjoy the fifth wave rally !!
I believe a 48% pull back from the highs is a reasonable correction. Now is the time for $ZM to establish its new bull trend. With a descending triangle formed from the highs and break of $300 support into the $290s demand zone poises it for a bounce with MACD oscillator curling green after 2 months in the red. All the way down to the $270s is a good buy zone....
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It is not an advice or inducement for the purchase or sale of the products mentioned. Before making any investment based on your own personal circumstances,
In Downtrend Consolidation
SMA50/200 as resistance
W%R crossed below -50
I am not a PRO trader. I trade option to test my trading plan with small cost.
The max Risk of each plan should be less than 1% of an account.