Oversold trend may be reversing. If Biden comes into office, potential for more near term lockdowns and continued work from home trends/companies to pick back up
DYOR and place your bets...
11/11/20 - 4 Hr chart - Overall it is still on a downward thrust. It made a come back after it hit the 100 MA and 4th FIB retracement. It also broke the $410 resistance and shows strong buyers' support. The next resistance is $450 3rd FIB and middle of the Bollinger band.
Zm tanked earlier this week but held that 100 DMA which was also it's the support on its weekly channel.. OBV is threatening a break out on the Daily.with covid cases increasing and NY and cali threatening lock down I think this has a lot more gas in it. Upside 650-700
ZM may have finally found some support on a confluence of levels=
- Local Fibonacci Golden pocket
- 100MA
- previous rising channel mid
- Horizontal candle support.
Stock is also quite oversold so we may see a relief rally in the days to come.
$410 would be a reasonable short term target
Zoom is still going down in my opinion. after the news of a potential vaccine, stocks that benefited from the pandemic are beginning to plummet. however, zoom is still a great innovative idea, which i do not see it going away any time soon even after the pandemic. based on technicalities, we are close to seeing a potential reversal once zoom is oversold. im still...
ZM - The drop from major top seems within double zigzag down, where W and X waves were already finished. The drop was wave A and B is in progress of Y wave down. Sell on bounce for one more leg down of C of Y wave.
Give thumbs up if you really like the trade idea.
ZM is going down to $330 this month. Do your own due diligence, your risk is 100% your responsibility. Good luck and happy trading friends...
*3x lucky 7s of trading 101*
7pt Trading compass:
Price action
Volume average
Trend momentum
Current events
Revenue & Earnings
Debt / Cash
Book value
7 Common mistakes:
+5% portfolio trades
Bad risk management
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