Zoom price emits more negative signals - Forecast today - 29-04-2024

Zoom Video Communications’ stock price (ZM) rose in the intraday levels, however it reached overbought levels compared to the stock’s price, hinting at negative divergence, which would pile pressure on the stock, especially with similar negative pressure from the 50-day SMA, amid the 50-day SMA, with the dominance of the main downward trend alongside the secondary short-term trend line.

Therefore we expect the stock to return lower, targeting the pivotal support of $58.90, provided the resistance of $64.62 holds on.

Trend forecast: Likely Bearish