This Tech Stock Just Broke Key Support

This Tech Stock Just Broke Key Support

Posted On September 23, 2022 1:26 pm

Our tech stock on watch today is a holding company, which engages in the provision of a cloud-based platform that offers information on organizations and professionals for sales and marketing teams. It offers sales leadership, sales development, marketing, and demand generation, sales and marketing operations, and recruiting.

Take a look at the 1-year chart of ZoomInfo (ZI) below with the added notations:

Chart of ZI provided by TradingView

Since putting in its June low, ZI has been rallying higher, while also creating a trendline of support (yellow). That line had been successfully tested several times up until yesterday when the support broke. Trendline breaks commonly lead to lower prices, overall.

The Tale of the Tape: ZI failed to hold its line of support. A short position could be entered near current prices, with a protective stop set above the price of entry.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example…

Continue reading at WEALTHPOP.com

About author