ZOOM Has Zoomed Out
Candy Matheson | Jan 23, 2022 01:09AM ET
My previous article on Zoom Video (NASDAQ:ZM), posted on Nov. 9, 2020 , mentioned that it had gone parabolic and had begun to plummet. I also wrote, in a Dec. 30 update, that a drop and hold below 300 would seal its fate.
Since then, it has continued its drop and is well below that level. It's unlikely to reverse anytime soon, inasmuch as Sellers are still firmly in control.
Its next major support is at 100, back where it began its meteoric breakout in March 2020 and ensuing parabolic spike, which peaked eight months later (October) at 588.84.
As the COVID-19 pandemic begins to abate and, instead, become endemic around the world, there will be less reliance on sites like Zoom on which to conduct business, as people return to their offices.
British Prime Minister Johnson announced this week that he is, in fact, previously in place, due to waning virus outbreaks in his country.
We may see other leaders follow suit in due course, possibly sooner rather than later, in a bid to stem the massive and unprecedented global economic fallout, caused by the pandemic since January of 2020.
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