Zoom Video Communication(ZM) shares have been trading in a robust longterm uptrend since the beginning of this year, as indicated on the price chart below. The video conferencing company’s business accelerated during the COVID 19 pandemic lockdown, which saw a rise in personal and office use on its platform. ZM shares finished Friday’s session at the top of the ladder in the Technology service sector closing at 179.67 up 9.74%.
The office work culture has changed since the COVID-19 pandemic lockdown, with most workers working from home and adapting to changes with high-tech network providers such as Zoom video conferencing and high-speed 5G internet services. As the COVID19 recovery starts to take shape, and workers return to their offices, some businesses continue to maintain some part of the work from home culture to free up office space and rent.
The rise of its share price on Friday’s trades is a sign of investor confidence and high expectation of its earnings report due next week. Share prices have breached two critical resistance points at 168.50 and 174.10, now 182.90 is in sight.
Support and Resistance estimates:
Support – 174.10, 168.50, and 162.74
Resistance – 182.90, 191.78, 200.52, and 206.96
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