Trade Thesis | Primary trend for Zoom continues to be bullish. Price bounced perfectly off the 100 MA following a needed correction from ATH of $590.
Every major social media company saw strong QoQ growth in user bases. Expect a sharp rise in volume with the upcoming earnings 11/30. Expect strong growth in user base for July-September. (COVID summer meant you were home and schools across the world were downloading Zoom in anticipation for SFH - school from home)
Conclusion | Long Zoom. Zoom is the #1 communications app in the App Store and is the front runner of the COVID-economy and stay-at-home companies.
Entry | $427
• Stop-Loss: $400 (support line on ascending triangle)
• Target 1: $500 (4th Fib, September highs)
Risk::Reward | $27::$100
• Risk::Reward: 1:4
Position | Bullish
Trade Strategy | Aggressive
Trade Grade | 9/10
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Every major social media company saw strong QoQ growth in user bases. Expect a sharp rise in volume with the upcoming earnings 11/30. Expect strong growth in user base for July-September. (COVID summer meant you were home and schools across the world were downloading Zoom in anticipation for SFH - school from home)
Conclusion | Long Zoom. Zoom is the #1 communications app in the App Store and is the front runner of the COVID-economy and stay-at-home companies.
Entry | $427
• Stop-Loss: $400 (support line on ascending triangle)
• Target 1: $500 (4th Fib, September highs)
Risk::Reward | $27::$100
• Risk::Reward: 1:4
Position | Bullish
Trade Strategy | Aggressive
Trade Grade | 9/10
If you liked this analysis, please, support it!
If you really liked it, follow me. I will be posting more!
Many thanks & Happy trading!