Did You Capitalize On Our Zoom (ZM) Call?
by Mike Paulenoff
June 8, 2020 • 8:34 PM EDT
With Zoom (ZM) at a price of 202 and heading into its earnings announcement Tuesday June 2, Mike Paulenoff noted in his Live Trading Room:
"Unless ZM breaks and sustains below 190.00, it still has unfinished business on the upside into the 228-232 target zone, which is the next zone from where the bullish intermediate-term pattern should stall, and roll over into a potentially significant correction."
ZM closely followed Mike's preferred pattern scenario in reaction to Tuesday evening's stellar earnings report. The stock raced up to make a marginal new high (after hours) at 228.90, right in his projected optimal target zone, after which it pivoted to the downside and nosedived to Friday's low of 196.10, closing the week at 207.60.
Where is Zoom headed next?
Sign Up for Mike's Live Trading Room at MPTrader to find out.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
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More Top Calls From Mike
On Sep 2, with QQQ trading at 300.01, down nearly 4 points from its pre-market thrust to a new all time high at 304.02, Mike Paulenoff alerted MPTrader members to the potential danger signals lurking within his chart work. He wrote:
"Just in case TSLA and AAPL weakness represent the first shot over the bow ahead of a significant correction in the NDX, my work on QQQ indicates that a break and close under 298.00 will trigger sell signals that project to 280.
This past Monday (Aug 31), Mike Paulenoff started alerting MPTrader members about opportunities UVXY, then trading at 21.53.
He wrote: "UVXY continues to act like the canary in the coal mine because it is holding up so well despite ES, SPX, SPY climbing to new all time highs. UVXY remains 12% above its 8/26 low at 18.76 and, more conspicuously, 50% above its 2/20/20 low at 10.65!"
Mike added, "UVXY needs to climb and sustain above 23.
Edwards Lifesciences Corporation (EW) broke out this past week, and MPTrader members were prepared.
In his Trading Room a month earlier (Mon July 20), Mike highlighted the stock for its potentially powerful upside technical set-up, writing:
"Since last November, EW has undergone a sharp correction from 82.55 (11/19/19) to 51.
Back on April 13, with Range Resources (RRC) trading at 3.91, Mike Paulenoff told members in his Trading Room:
"I am very friendly to RR 'down here,' looking for it to climb above 4.90-5.10 nearest key resistance, which will project upside potential to 10.00 next. Only a sharp decline that breaks its 3/13 low at 1.61 will invalidate my current technical set up.
This past Wednesday morning, just hours after TSLA announced a 5 for 1 stock split, and with TSLA trading at $1448, Mike Paulenoff wrote in his live Trading Room:
"All of the action off of the 7/13 all time high at 1794.99 represents EITHER a high level bullish digestion period ahead of another upleg OR a distribution top in the making.
