In 2020 leading video communications platform, Zoom Video Communications Inc (ZM) was the hottest stock in the market. On October 19, 2020 the popular video conferencing stock traded as high as $588.84 a share. Since that major top in the stock, the shares have tumbled and currently trade around $202.50 a share. The stock is now trading below every important moving average and continues to look weak on the charts. A further decline in the stock price should continue.
The next major support level for Zoom Video (ZM) stock will be around the $170.00 area. This key support area is where the stock broke out of a weekly chart base back in late May 2020. Often, when stocks that were high flyers fall from grace they will be defended around their key breakout levels. I will be looking for a longside trade around this key support area when the stock tests this level.
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