Zscaler attacks current resistance - Analysis - 12-09-2022

Zscaler INC's stock (ZX) surged in the last session after the cloud company said it expects revised profits in the first quarter of 26 cents per share , above expectations of 21 cents, with the company forecasting earnings between $339 billion and $341 billion, up from Wall Street estimates of $325 billion, with the stock spiking 21.88%, or 33.75 points, settling at 188.00, with trading volumes surpassing 11.4 million shares, above 10-day averages of 3.1 million shares. 

The upward correctional trend dominates in the short term, while shaking off negative pressure from the 50-day SMA, tackling the resistance of 188.00, with positive signals from the RSI after reaching oversold levels. 

Therefore we expect more gains for the stock, targeting the resistance of 220.65, provided the resistance of 188.00 was breached. 

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Expected trend for today: Bullish