ZM
Zoom is finally breaking down from its parabolic COVID run up and it may be time to look for puts/shorts in this name. After topping out around $275, PA ranged between there and $240 (which it touched 3 times) which also happened to be a major horizontal S/R line of mine. To further backup this beautiful bearish setup I am painting for your glorious indulgent, we may have already seen a textbook S/R flip of the magical $240 line and our next leg down may come sooner rather than later.
Ultimately my first target is the $213 area where I will look to close 50% of my short. From there, I want to see a strong bounce before I think about closing out the other 50%. If we don't hold the $206-$213 area and move up quickly, things could start to get ugly for Zoomers and $165 could be in the cards (dream buy).
Wild card here that could throw a wrench in the trade is earnings on 9/3, which I expect to be half-way decent considering the new influx in business/popularity the last 6 months.
Good Luck.
- PennyBags