ZM Bullish Descending TriangleAfter blasting off after ER and subsequently filling the gap down,
ZM ran to make new all time highs at $530. Following this, ZM has consolidated and formed a clear Pennant with support at the previous ATH level (resistance turned support) at $480 (and also at $463). What is interesting to note is that the light-blue line down the center of the pennant is more or less a resistance-turned-support line which is showing strength in the price action even as we pull back from the $530, ATH level.
5min
Quite interesting to me that there's an island bottom on the 5min at previous all time highs.
BTO
ZM $500c 10/9 avg $10 (Weeklies may be a bit greedy here. ZM sport a high IV, therefore ITM options should be considered with $ZM. Would also consider ZM 10/16 $480c Note
ZM is finally moving. Should find resistance at $530 which it will need to push through to avoid forming a double topNote
ZM broke out to new highs. Should be able to get north of $600 now. Note purple trendline which may act as resistance. Also may not. Watch for parabolic movement on large volume to confirm the breakout.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.