Zoom Video Communications Inc (ZM) was one of the biggest winners during the coronavirus scare. The stock topped out on October 19th, 2020 at $588.84 a share. Since that pivot top in the stock, the shares have fallen sharply and currently trade at $321.00 a share. The stock has now declined below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and usually indicates lower share prices ahead.
The next next major support level for Zoom Video Communications Inc (ZM) stock will be around the $260.00 area. This is where the stock broke out in August 2020 from a 6-week chart base. Very often, prior breakout points will be very good chart support levels when they are revisited. There is a major retrace level around this key area adding to the support for the popular cloud software stock.
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