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The price of Zoom Video communication Inc (ZM) is down 50% from its last high and has reached a decent support level of $345. This level coincided with the last high reached more than 3 months ago.
A break of this level ($345) in June triggered a sharp rally. This level has thus become a good support level for traders considering buying the stock in this region.
After touching the low 3 days ago, the price finally breaks out of the downtrend on July 22. This is a bullish sign from a charting perspective.
The Ehler-Fisher Transform indicator had also shown a buy signal when it triggered a “golden cross” on July 22. The Ehler-Fischer indicator is used to look for extreme readings that signal potential price reversal areas. The Rainbow indicator had turned positive to show stronger confirmation of the trend reversal.
According to the Fibonnacci retracement theory, it is likely that the price of Zoom Video will rise to between $375 and $382, offering upside potential of $14 to $21.
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