Zoom Video Shares Keep Dropping, Here’s The Support Level
Zoom Video Communications Inc (ZM) was one of the biggest winners during the coronavirus scare. The stock topped out on October 19th, 2020 at $588.84 a share. Since that pivot top in the stock, the shares have fallen sharply and currently trade at $321.00 a share. The stock has now declined below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and usually indicates lower share prices ahead.
The next major support level for Zoom Video Communications Inc (ZM) stock will be around the $260.00 area. This is where the stock broke out in August 2020 from a 6-week chart base. Very often, prior breakout points will be very good chart support levels when they are revisited. There is a major retrace level around this key area adding to the support for the popular cloud software stock.
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