We now have a triple bottom on ZM
1) ~ 459.23 -> then sharp rebound upwards
2) ~ 457.78 -> then sharp rebound upwards
3) ~ 463.00 -> pending tomorrow's move
Possible scenarios moving forward:
A) If it breaks 263 and continues downtrend, next support to watch is around 445-450
B) If it rebounds from 263 (it seems like it already is in afterhours), price will meet 2 resistance points. First around 485, then around 505.
If any vaccine news is released prior to Friday, downtrend will continue, otherwise I see no reason for the bullish trend to stop, as Zoom is still a major and instrumental app in this crisis.
It definitely is overbought and overvalued, but let's not let that deter us from trading its price action.
1) ~ 459.23 -> then sharp rebound upwards
2) ~ 457.78 -> then sharp rebound upwards
3) ~ 463.00 -> pending tomorrow's move
Possible scenarios moving forward:
A) If it breaks 263 and continues downtrend, next support to watch is around 445-450
B) If it rebounds from 263 (it seems like it already is in afterhours), price will meet 2 resistance points. First around 485, then around 505.
If any vaccine news is released prior to Friday, downtrend will continue, otherwise I see no reason for the bullish trend to stop, as Zoom is still a major and instrumental app in this crisis.
It definitely is overbought and overvalued, but let's not let that deter us from trading its price action.