Editors Note: Current market conditions need extreme attention and precision. Often this uncertainty creates great opportunities but for a longer-term investor and holder, this volatility is a pain. Avoid quick trading decisions. Focus on the sectors and market themselves. Cash is a good position and only scalping or tactical trades are in place.
$ZM (ZOOM Video Communications) – Is a company that provides conference services for private and corporate clients and it went very well as a lot of companies went to collaborating online. So far, the company had an extreme move from $100 into $165. The current retracement with reaction might represent an opportunity for active traders. The question is, will we get a technical bounce or we won’t hold this level and need more time. Consider areas like 125-135 for a reaction on the long side. The resistance flip and fibs should help the price area defend buyers.
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Remember: These are not trade recommendation to buy or sell securities. Always do your own due diligence and trade at your own risk.
Never chase a trade once it is too extended from the entry zone.
Never risk more than 1% of equity per trade.