Very red day for Zoom Video Communications, Inc. stock that lost -5.51% in Tuesday trading sessionStockInvest.us, 10 months ago
The Zoom Video Communications, Inc. stock fell by -5.51% in the last day (Tuesday, 20th Oct 2020) from $568.34 to $537.02. During the day the stock fluctuated 7.69% from a day low at $534.59 to a day high of $575.69. The price has risen in 6 of the last 10 days and is up by 12.29% over the past 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -3 million shares and in total 12 million shares were bought and sold for approximately $6.45 billion.
On October 15, 2020 "Royal Bank of Canada" gave "Positive - Outperform" rating for ZM. The price target was set to $450.00 - $600.00.Over the last 30 days this security got 6 buy, 0 sell and 2 hold ratings.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 149.69% during the next 3 months and, with a 90% probability hold a price between $1 228.78 and $1 432.51 at the end of this 3-month period.
The Zoom Video Communications, Inc. stock holds buy signals from both short and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $531.48 and $461.77. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Monday October 19, 2020 , and it has fallen so far -5.51%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
On the downside, the stock finds support just below today's level from accumulated volume at $500.53 and $457.69.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Zoom Video Communications, Inc. finds support just below today's level at $500.53. If this is broken, then the next support from accumulated volume will be at $457.69 and $438.73.
This stock have average movements during a day and with good trading volume the risk is considered as medium. During the last day, the stock moved $41.10 between high and low, or 7.69%. For the last week, the stock has had daily average volatility of 5.46%.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Zoom Video Communications, Inc. stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate candidate.Check full Zoom Video Communications, Inc. forecast and analysis here.