ZM
Zoom Zoom, it can’t go any faster downhill.
A lot of money was made here during Covid for obvious reasons. The party is over and I’m sure many “Investors” aka bag holders are still holding on.
ZM’s Uptrend took price from 71 all the way to about 589.
From there price first broke down thru the 50 ema but found support from the 200ema. It bounced price back above 50ema but that was short lived and the move was deemed a false breakout.
This led to the price breaking below the 20ema and ending the Uptrend. Price now enters a sideways market.
Price fell to around 288 where it bounced but failed to make higher high twice. A Distribution stage and Double Top pattern is created but pending confirmation.
Sept.’21, price breaks down from side-ways range. Distribution stage and Double top are now confirmed.
The next move is a pullback looking to turn Support into Resistance. At that time, we also have an Overbought Stochastic reading. This is the first opportunity to enter trade short. Overbought stochastic + pullback to resistance area + downtrend = Short trade.
After the pullback, price enter downtrend and saw price go from 291 all the way down to 96.
At 96, we saw another small pullback to dynamic resistance at 50ema with an overbought stochastic. This was the second entry to short.
Price made a lower low to 83 and pulled back once again to dynamic resistance at 50 ema. We again have an Overbought stochastic reading. This will be my cue to enter trade short
Will be entering trade short.
Entry: 109.42
Stoploss: 128.80
Target: 61.29, +18.65%, 2.33 RR ratio
Zoom Zoom, it can’t go any faster downhill.
A lot of money was made here during Covid for obvious reasons. The party is over and I’m sure many “Investors” aka bag holders are still holding on.
ZM’s Uptrend took price from 71 all the way to about 589.
From there price first broke down thru the 50 ema but found support from the 200ema. It bounced price back above 50ema but that was short lived and the move was deemed a false breakout.
This led to the price breaking below the 20ema and ending the Uptrend. Price now enters a sideways market.
Price fell to around 288 where it bounced but failed to make higher high twice. A Distribution stage and Double Top pattern is created but pending confirmation.
Sept.’21, price breaks down from side-ways range. Distribution stage and Double top are now confirmed.
The next move is a pullback looking to turn Support into Resistance. At that time, we also have an Overbought Stochastic reading. This is the first opportunity to enter trade short. Overbought stochastic + pullback to resistance area + downtrend = Short trade.
After the pullback, price enter downtrend and saw price go from 291 all the way down to 96.
At 96, we saw another small pullback to dynamic resistance at 50ema with an overbought stochastic. This was the second entry to short.
Price made a lower low to 83 and pulled back once again to dynamic resistance at 50 ema. We again have an Overbought stochastic reading. This will be my cue to enter trade short
Will be entering trade short.
Entry: 109.42
Stoploss: 128.80
Target: 61.29, +18.65%, 2.33 RR ratio
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.