ZOOM in trouble

Updated

If 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.

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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.***

Note

ZM is back above the neckline, A close above would be reassuring if you own the stock. It doesn't mean it won't move down again but at least we know the 200EMA offered strong support on the first test:

Note

ZOOM is fighting back. It is up about 7% today and most importantly above the neckline. Volume is nothing to write home about but it is also not bad. First resistance to be broken is the 14-ema, followed by the 21-ema and then the 50=ema. After that we have the .236 fib retracement. When all of those are cleared perhaps the emas will have flipped bullish and we can start a rally to the upside again. Until then, I am skeptical. I'll close my position on the first sign of weakness on this bounce.

Note

Testing that first fib extension level. We are up about 12% from the neckline and volume seems to be picking up as well. That's why I didn't sell all of my shares. I knew a possible rebound was in the books. I am possibly closing my position somewhere in this rally if it unfolds though:

Note

Still fighting that fib level but this time the indicators are starting to turn bullish:

Note

Dangerously looking like an inverse C&H:

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ZOOM looking very weak

by Safe_Trades

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