ZM (Zoom Video Comm)
An inverse head and shoulders is the inverted version of the head and shoulders, except that it's a bottoming pattern used to predict reversal in downtrends.
ZM is now trying to form its right shoulder.
The pattern will be confirmed once we reach and break the neckline at about 124. So the best place to enter a long trade is to wait for a break out of the red line.
But, since there is a support at 103 and that the market is green, I went long at 106 with a stop at 100.
If the inverse h&s is confirmed the target will be around 193 with a few resistances on the way (blue lines).
Let's see where the market is going.
Trade safe!
An inverse head and shoulders is the inverted version of the head and shoulders, except that it's a bottoming pattern used to predict reversal in downtrends.
ZM is now trying to form its right shoulder.
The pattern will be confirmed once we reach and break the neckline at about 124. So the best place to enter a long trade is to wait for a break out of the red line.
But, since there is a support at 103 and that the market is green, I went long at 106 with a stop at 100.
If the inverse h&s is confirmed the target will be around 193 with a few resistances on the way (blue lines).
Let's see where the market is going.
Trade safe!