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Zoom Setting Up Well For Another Long-Term Uptrend

If I could think of just one image to sum up life in 2020, it would be people scattered across a computer screen during a Zoom session, gathering remotely while the COVID-19 pandemic ravaged the globe. Zoom has become synonymous with virtual meetings and working from home. Even after 2021, Zoom is here to stay as the shutdown has shown the efficiency and effectiveness of the product. Not surprisingly, the stock was an absolute monster in 2020 and one that afforded traders monster gains who played it correctly.

Zoom has pulled back over the past three months, dropping from around $588 to approximately $331. Over the past few weeks, I have been keeping an eye on Zoom to see if it can bounce off the 200-day moving average, which in my view is the "line in the sand" for the long-term bull trend. Zoom has moved up nicely off this key support level and has been consolidating constructively over the past few weeks. I currently own Zoom and will look to add to my position if it can clear resistance around the $400 level. I am still very cautious in this market and am in no hurry to recklessly add positions. However, I'm always on guard to see if a true innovator is offering a low risk, high potential set up.

To learn more about long-term trading, visit my course page.

Full Disclosure: Zoom is a stock I currently own.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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