Zoom Video Communications (ZM) remains in first place at the top of the Green Favored Zone of the SIA NASDAQ 100 Index Report. The shares relative strength has been particularly clear in recent days, with gains of 6.8% yesterday and 16.1% in the last week.
Through 2020, Zoom Video Communications (ZM) shares have been under steady accumulation, advancing in a rising channel of higher highs and higher lows. Earlier this month, the shares staged a correction which was contained within a previous gap and the channel. Since establishing support near $345 the primary uptrend has resumed and yesterday the shares staged a major breakout, clearing $475 to trade at a new all-time high.
Initial upside resistance may appear near the $500.00 round number, followed by the $600.00 to $605 range where a round number and a measured move converge. Initial support appears near $435.00.
Zoom Video Communications (ZM) shares have been under accumulation since the start of 2020, steadily advancing with only a few minor corrections and pauses along the way. Earlier this month the shares pulled back briefly but in recent days, they have resumed their upward course, breaking out yesterday to a new all-time high and completing a bullish Double Top pattern.
Next potential upside resistance tests on trend appear near $505.00, $537.00 and $605.00 all based on horizontal counts with two of the three close to round numbers. Initial support appears near $432.00 based on a 3-box reversal.
With a perfect SMAX score of 10, ZM is exhibiting near-term strength across the asset classes.
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