There is no doubt that Zoom Video Communications Inc (NASDAQ:ZM) has been the hottest stock in the market during the recent crash. The leading provider of video-first communications platform and web conferencing services has been getting a lot of interest since the coronavirus scare began. Now, the popular video stock has been retreating since the major stock market indexes have been rallying. As most traders know, the stock obviously over shot to the upside and is now trying to find it’s equilibrium level.
One major level that I will be watching for ZM stock will be around the $100.00 area. This is where the stock staged it’s break-out in late February 2020. So far, ZM stock has been defended at it’s 50-day moving average around the $110.00 level, but the next major support is around the $100.00 level. That will be where I look to get into a long side trade in Zoom Video stock.
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