Zoom Video Communications (ZM) Recently Broke Out Above the 50-Day Moving Average

Zacks Equity Research

11 November 2022 at 9:30 am·1-min read

After reaching an important support level, Zoom Video Communications (ZM) could be a good stock pick from a technical perspective. ZM surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

ZM has rallied 10% over the past four weeks, and the company is a Zacks Rank #3 (Hold) at the moment. This combination suggests ZM could be on the verge of another move higher.

Looking at ZM's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors should think about putting ZM on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.

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