Zscaler Inc

ZS is forming an early Stage 1 base after the terminal decline in March, trading range-bound above repaired short-term EMAs without a clear breakout. Despite intraday strength around the 9/20-day EMAs, the long-term downtrend and overhead moving averages resist sustainable upside. Medium-term bias leans bearish, favoring selling rallies into the 9/20 EMA and prior highs in the mid-150s rather than initiating new long exposure. We defer execution until we see rejection at resistance; a decisive break above the range high would invalidate this posture.

• ↑ARR grew 25% YoY to $3.5B in Q3, exceeding guidance.
• ↑Q3 revenue reached $850M (+25% YoY) with a 23% non-GAAP operating margin.
• ↓Sales leadership turnover risks delaying sales execution and quotas.