5ZM trade ideas
ZM breakout potential is real strongToday we saw ZM pick itself up from a low of 318 to break out of the channel and above 350, a key level for the ticker. It is now testing the resistance level of 354.5 for a continuation play into the 360-365 zone. Above that zone we should see a test of the 370s to attempt a breakout of the entire trend, good luck!
ZM completing WXY correction?I think Zoom is close with its long WXY correction. Resistances at $375 and $410. Rumors with S&P 500 inclusion would be the catalyst to reverse the current downtrend. Zoom almost filled the ER gap back in September. Relative volume today was high leading to signs that a impulsive wave may be ready.
ZOOM in troubleIf you read my previous analysis you would know ZOOM is in a very weak position here. Everything points to more downside coming. The technicals are the same as my previous analysis so you can check that one out (link below). The important thing here is that ZOOM broke below the rounded top neckline and is failing to move back up. I also added the 200SMA and the 200EMA to the chart. As you can see, ZOOM is sitting on the 200EMA now. If it breaks below it still has the 200SMA. If the 200 SMA is broken I believe ZOOm is in big trouble. I sold most of my shares this morning and bought XPEV, LI, TSLA, NIO, and PLTR (check my analysis on those so you understand why). Best choice I could have made; I am up an average of 10% on money that was sitting on the neckline of the rounded bottom and showing no strength to move up. If it doesn't react soon I will unload all of my shares.
Safe trades!
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***