The length of $17.08 between the May 12 low of the head and the July 15 shoulder low of $96.11 is then assumed to repeat from $79.03 of the pattern's head to the downside. A technician measures the distance between the head and the right shoulder to reach a downward target. This development increases the risk of attracting short sellers, increasing the cost. Disappointed longs closed position, reducing demand, allowing supply to drive prices lower. Morgan's pessimistic view regarding the firm's short-term performance due to increased competition from Microsoft (NASDAQ: MSFT) and others. 6, the stock attempted the $79 level, where the head's low was, and failed, falling back to its recent lows.Īn H&S failure results from misplaced optimism, jiving with J.P. 16, the stock took another turn lower, falling below the would-be reversal pattern's head, and registering a new low. However, after lowering its full-year profit and sales forecast, the company's stock plummeted 16.5%, blowing out the reversal pattern. Zoom stock has been developing an H&S bottom since Mar.
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