This one-time Covid darling is undergoing a bearish-to-bullish reversal, according to Carter Worth
Zoom Video Communications (ZM) , a Covid darling and post-Covid dog, is judged to be an excellent opportunity on the long side going into earnings next week. The darling part: ZM advanced from $60.97 in October of 2019 before the pandemic hit to $588.84 in October of 2020 ( +$527.87… +865% ) The dog part: ZM declined from $588.84 in October of 2020 to $55.06 in August of this year ( -$533.78… -91% ) The now part: ZM is judged to be in the throes of a bearish-to-bullish reversal, with the prospective completion of the bottoming-out process implying a move to the $95 +/- level. The two identical charts below tell the tale. With the trend line here: We’re buyers here. -Carter Braxton Worth For actionable recommendations via email and live nightly videos become a member at worthcharting.com DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
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