Sharing a quick thoughts on $ZM (Zoom) this morning.
Why?
Well, take a look at the 6 month daily chart here.
The blue arrow points out where the 50 day EMA has moved under the 200 day EMA. This is a bearish signal.
If we expand our view to the 2 year weekly chart here, what do we see?
We can see that the current price is hovering around a key area of price support.
If this price level cannot hold the next levels where we can expect price support to show up are down at $250 and then down near $150.
If you have long positions this is a good time to start scaling out and limiting risk.
If you like to play short plays this is a good time to hunt for new entries.