Zoom (ZM) has been in a prolonged consolidation phase since September 2022, but the tide may be turning. With price currently sitting at $77, we’re approaching a pivotal moment: a potential breakout above the long-standing descending trendline.
Technical Setup:
* Current Price: $77.00 (+3.14% this month)
* Major Resistance Trendline: Being tested now — a breakout could signal a shift in long-term sentiment.
*Volume: Stabilizing, with signs of accumulation near base levels.
Upside Targets:
* Near to Mid-Term: $108 – a key resistance level that aligns with previous support-turned-resistance.
* Long-Term Potential: $137 – a major horizontal level that could be revisited if bullish momentum builds.
Why It Matters:
* Zoom has spent nearly two years building a base. A clean break above the trendline could attract institutional interest and momentum traders.
* Earnings season and macro tech sentiment may act as catalysts.
⚠️ Watch for:
* Monthly close above the red trendline
* Volume spike confirming breakout
*Retest of breakout zone for confirmation
Is Zoom finally ready to zoom out of its consolidation range? The next few candles could be game-changing.