ZM - ULTRA BULLISH, BUT... WHAT IS BOTTOM? 370s then 400+
So, this is up in the air... many indicators saying bullish, many others saying bearish, but if you look at the 3H (which isn't as popular) it would suggest that at some point tomorrow, we need to touch down around 370s tomorrow.
Of course, it could always just go up from here, but more likely than not, esp bc of the heavy call volume at/above 400, I'm thinking that those options are NOT printing tomorrow. If it's not going up, then it needs to go down.
One of the best indicators showing this is the RVGI crossover -- this implies downward MOMO to next support.
SUPPORTS:
1: Ichimoku Conversion line: around 377
2: Fib support level 1: also 377
3: Fib support level 2: 345
4: 50ma
There is a larger cloud coming up, and I expect it to stay above the cloud... we are in a pandemic, this is Tech, and moreover is a Tech that makes sense FOR the pandemic lifestyle... Even if it stays below, I'd expect bulls to come in and push it through with strong volume, perhaps with some sort of good news. In the meantime, it's still profit taking time imo, and we will see this dip complete either tomorrow (Friday, 9/11/2020) or sometime next week. Once this has confirmed "bottom", then it will surge to impressive ATHs to complement its convenience to business and communication during these harder times.
All the best,
OGD
Of course, it could always just go up from here, but more likely than not, esp bc of the heavy call volume at/above 400, I'm thinking that those options are NOT printing tomorrow. If it's not going up, then it needs to go down.
One of the best indicators showing this is the RVGI crossover -- this implies downward MOMO to next support.
SUPPORTS:
1: Ichimoku Conversion line: around 377
2: Fib support level 1: also 377
3: Fib support level 2: 345
4: 50ma
There is a larger cloud coming up, and I expect it to stay above the cloud... we are in a pandemic, this is Tech, and moreover is a Tech that makes sense FOR the pandemic lifestyle... Even if it stays below, I'd expect bulls to come in and push it through with strong volume, perhaps with some sort of good news. In the meantime, it's still profit taking time imo, and we will see this dip complete either tomorrow (Friday, 9/11/2020) or sometime next week. Once this has confirmed "bottom", then it will surge to impressive ATHs to complement its convenience to business and communication during these harder times.
All the best,
OGD
Comment:
I'm ULTRA bullish on this one now... not sure if we are going to get any retracements as shown here.. may just gap up and run to squeeze out all temporary shorts!
Comment:
Looks like we got lucky with our yellow path (Supports 1/2).
Above all other possibilities, I'm expecting a nice gap up opening on Monday (450+, maybe 457?) and then quick drop to retrace 435 after confirming bullish MOMO, and then shooting back up to "test" 450 again -- break through and then retrace. Then up to test 470 which should hopefully be a breeze -- we may also need to "retest" where it opens, and get another possible retracement here. Above 470, we are in the clear for more ATHs:
PT1 = 520-545-560
PT2 = 610-620
PT3 = 700-710
Honestly, I'm not too sure how important the 500 PTs will be... we may just totally blow through the 500s to PT2, and PT3 (~700) will likely be the MAIN PT that MMs are aiming for... we could see some back and forth PA as we approach this 700 target, or this could happen more quickly. With anticipated upgrades posted by analysts, this could shoot up similarly to how NFLX has in the past. We may even just gap up during pre-market and AH sessions towards this PT over the coming weeks. Longterm, ZM should be expected to exceed 1k SP within 6-12 months (986 & 1,156)... so this 700 PT is still a total steal, and I imagine smart money, hedge funds, and MMs will just eat this up through 1k... Bullish price action has proven to be ON POINT this past week -- perfect retracements throughout sessions, and well placed supply! I will probably post another chart here soon to capture these gains as we move through these PTs.
Above all other possibilities, I'm expecting a nice gap up opening on Monday (450+, maybe 457?) and then quick drop to retrace 435 after confirming bullish MOMO, and then shooting back up to "test" 450 again -- break through and then retrace. Then up to test 470 which should hopefully be a breeze -- we may also need to "retest" where it opens, and get another possible retracement here. Above 470, we are in the clear for more ATHs:
PT1 = 520-545-560
PT2 = 610-620
PT3 = 700-710
Honestly, I'm not too sure how important the 500 PTs will be... we may just totally blow through the 500s to PT2, and PT3 (~700) will likely be the MAIN PT that MMs are aiming for... we could see some back and forth PA as we approach this 700 target, or this could happen more quickly. With anticipated upgrades posted by analysts, this could shoot up similarly to how NFLX has in the past. We may even just gap up during pre-market and AH sessions towards this PT over the coming weeks. Longterm, ZM should be expected to exceed 1k SP within 6-12 months (986 & 1,156)... so this 700 PT is still a total steal, and I imagine smart money, hedge funds, and MMs will just eat this up through 1k... Bullish price action has proven to be ON POINT this past week -- perfect retracements throughout sessions, and well placed supply! I will probably post another chart here soon to capture these gains as we move through these PTs.