Zoom Video Communications (Nasdaq: ZM) needs no introduction as it had become part of our lives. Some of our jobs may not function as smoothly without it. After a strong rise last year till it peak in Oct 2020 at a high of US$588.84, it has since corrected, mostly oscillating downward within the price channel as seen on its daily chart.
Apart from its P/B, P/E, P/S Cycle Indexes now trading at oversold region on its monthly chart, we are seeing signs of trend reversal signal from the divergence between price and KST indicator. The past few days, we can see that price break above the downslope channel its been stuck with since Nov 2020, a positive sign that perhaps its correction had ended.
Major support to look out for is at $270 and next 3 resistance levels are at $450, $490 and $590.
As usual, this writeup was broadcast to Clients on 2 Jul 2021 but posted here only on 7 Jul 2021.
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