After a $250 pullback in Zoom’s stock price, it appears that the popular video communications / meet-up company is ready to rally.
As you can see in today’s chart, Zoom (ZM) is breaking out above its multi-week downtrend line (bullish).
Will it be a “bounce” or the start of a sustainable leg higher? Only time will tell…
But this does look like a decent risk-reward opportunity for disciplined traders. Stops at $345. Any move over $403 would provide confirmation of that a rally is occurring, with a near-term upside trading objective of $440.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
