Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.

Have a stock YOU want us to review? Email my team here. – Mark

Hey Traders,

It’s almost hard to believe Zoom Video Communication (Ticker: ZM) was a $588 stock in October of 2020.

We all remember what was going on at that time.

Check out the chart:

It has been in a free fall since then.

Now ZM is right back where it started, trading $69.00 today.

So where does it go from here?

Let’s look at ZM’s most recent movements:

The stock has rallied off that bullish engulfing candle created on May 25th.

It is now back into that trading range of $64.35-$77.45, which will be its next resistance level.

It is holding the 50 day moving average and looks like it may want to rally up to the 200 day moving average at $72.59.

If it closes below that 50 day moving average, it could test the lower end of the range and possibly test the previous lows at $60.50.

Trade accordingly.

Thanks for Reading … See You Next Tuesday,

Licia Leslie