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Here Are The Target Buys For Peloton And Zoom

Shares of Peloton Interactive (PTON) and Zoom Video Communications (ZM) are collapsing today, both stocks lower by 14%-15%. The fall was triggered by great Covid-19 vaccine data from Pfizer (PFE). As these stocks collapse, investors are getting lured into their lower share price. Are they good buys at these current levels? While they may have a bounce here or there, they are ultimately going lower signals the stock chart. Just on the psychological side, think of the massive unwind that has to happen after these stocks saw buying for the last 6 months. Funds need to unload (some have already) and individual investors are dumping as well. Per the stock chart, Peloton will see further downside into 2021 until major support is tagged at $70.50. This is where valuation will meet the technical support levels and buying makes sense. When looking at the stock chart of Zoom, support finds itself at $280, and should coincide with the daily 200 moving average. Again, investors need to realize that everyone and their families have gone long these stocks, the unwind will be nasty but predicable. At some point we all knew a vaccine would arrive. It continues to look like late first quarter or second quarter 2021.

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