Hello Traders and welcome to AAATrade’s Intraday Technical Analysis session.

Today’s instrument is the Zoom Video Communications Inc.‘s stock traded in Nasdaq exchange under the ticker (ZM). 

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Looking at the ZM‘s chart, we can see that in the past days, it has been in an uptrend due to the market’s positive anticipation on the quarterly earnings which were announced on Monday, 22nd of May, and were better-than-expected, which led to an increase of the price at $72, but after that day, the stock got into a correction at the lastly traded price of around $65.65 which was boosted by the worries about the debt-ceiling uncertainty.

Today, it could test the support level at around $64.50-65, and if it manages to be maintained about that level, then an upward reaction could occur towards the soft resistance level at around $66.80.

Today at 21:00 (GMT+3), FOMC meeting minutes should clear the direction of the stock.

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