Comments on: ZM ZOOM Swing Trade Setup 1-6-23 https://rightsideofthechart.com/zm-zoom-swing-trade-setup-1-6-23/ Stock Trading, Investing & Market Analysis Fri, 06 Jan 2023 18:52:53 +0000 hourly 1 https://wordpress.org/?v=7.0 By: rsotc https://rightsideofthechart.com/zm-zoom-swing-trade-setup-1-6-23/#comment-25852 Fri, 06 Jan 2023 18:52:53 +0000 https://rightsideofthechart.com/?p=210172#comment-25852 In reply to michaelbt2.

Nice clean downtrend line in which to trigger an objective long entry although my preference would be to see nice, clean positive divergences on the daily (although it did roughly put in a divergent low on the recent double bottom…. and NO, fundies don’t matter in a bear market as the stocks with the lousiest fundamentals are usually the most heavily shorted & the most heavily shorted stocks tend to rally the hardest during bear market rallies, especially if they are caught in a big short covering rally.

Personally, I’m going to pass or at least hold off on CVNA for now but will keep it on my radar & might jump in for a backfill of that big gap if the trendline breaks & the market is in rally mode at the time. Thx for sharing.

]]> By: michaelbt2 https://rightsideofthechart.com/zm-zoom-swing-trade-setup-1-6-23/#comment-25851 Fri, 06 Jan 2023 18:44:50 +0000 https://rightsideofthechart.com/?p=210172#comment-25851 I’ve been watching Carvana lately. Nice chart set up. Not sure if fundamentals will get in the way of this one.

Carvana daily chart: https://www.tradingview.com/x/rOXoxQJl/

]]> By: rsotc https://rightsideofthechart.com/zm-zoom-swing-trade-setup-1-6-23/#comment-25845 Fri, 06 Jan 2023 17:07:46 +0000 https://rightsideofthechart.com/?p=210172#comment-25845 ZM just broke out above a bull flag continuation pattern on the 5-minute chart. If (a big conditional IF) SPY & QQQ make solid breakouts above their 60m trading ranges that stick, then this would likely be the catalyst for a breakout above the daily falling wedge pattern on ZM with a measured target on the flag around 72.24. Not 100% necessary but would be a big help to see SPY & QQQ breakout but if they break to the downside of their ranges, ZM will likely have another leg down to that long-term support level.

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