Zscaler: #PowerStocks Series Pick Of The Week (July 2024)

Last week was intense! The semi-finals and finals of the European Championship took place. Kudos to Spain for winning the European Championship! Former President Donald Trump was nearly assassinated over the weekend, sending shockwaves across the world. While the attempted assassination might not have an impact on the stock market, we need to be prepared for increased volatility. Before analyzing this week's stock pick, shall we review last week's stock pick: Royal Caribbean (RCL)?

Review Of Last Week's Pick Of The Week

Royal Caribbean (RCL) was our #PowerStocks pick for last week. Market participants are highly optimistic of the company, sending its share price higher consistently! After a pullback to its support area of around $156, its share price exploded the next day! Congratulations for catching its explosive rise of 5.3% in just 1 week! You may want to shift your stop loss higher to protect your open profits because you could face more volatility in the coming days. If the coast is clear, its share price could rise to around $172 before pulling back. Are you ready to analyze this week's stock pick: Zscaler?

Why Is Swing Trading Zscaler (ZS) Worth It?

Source: ir.zscaler.com

Zscaler is a technology company providing cybersecurity solutions. Its share price took a beating at the beginning of 2024 till mid-2024. Since then, its share price has been on a relentless bull run, outperforming the S&P 500. After a pullback and given its tendency to explode upwards in price, Zscaler's share price looks ready for another explosive upmove. What's the game plan? Continue reading to get the details. P.S. What if I told you that you could drastically gain control over your emotions of fear and greed, and master the stock market in a short amount of time? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!

Performance Of US Stock Market vs Zscaler (ZS)

What can you tell from the comparison chart above? Both the US stock market (S&P 500) and the share price of Zscaler are in a strong uptrend. While the S&P 500's rise has been smoother, it has also been more gradual. Zscaler's share price came to life in June 2024, shooting for the stars. This surge left the S&P 500 in its dust. The share price of Zscaler is likely to continue beating the performance of the S&P 500, making it a strong candidate for an explosive swing trade. What else can you expect from Zscaler's shares?

How Explosive Is Zscaler (ZS)?

Before you trade any stock, it'll be wise to analyze its price movement and characteristics. Zscaler is no small company; it enjoys a large market capitalization of more than $30b. Yet, its shares have experienced 16 huge upmoves, each measuring between 5.9% and 26.4%. Such surges in its share price are remarkable. In addition, you'll want to trade the shares of companies with a large market capitalization because this helps to protect you from market manipulation. Your hard-earned money is less likely to disappear in a moment. Thus, it's safe to conclude that you can expect its share price to continue such an explosive behavior!

Key Price Levels

Is it the time to buy the shares of Zscaler for an explosive swing trade? Let's uncover its key price levels (aka support and resistance zones). Did you spot 2 potential resistance areas at around $202 and $224? After pulling back early last week, its share price has returned to its resistance zone. Knowing that its share price is in a mighty uptrend, you can reasonably expect this bullish momentum to continue. Therefore, you'll want to wait for its share price to break above its immediate resistance of ~$202 before buying its shares for a swing trade. Hang on! Do you remember that there's a resistance zone around $224? The share price of Zscaler could shoot to $224 before pulling back. This means that it'd be wise to take profit around $224. Lastly, here's a pro tip: Instead of staring at your screen, you may want to set a price alert on your broker's platform to be notified so that you can spend precious time with your loved ones. Finally, this is for educational purposes. Please perform your due diligence. All images are taken from royalcaribbean.com, pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.

Claim Your Free (Limited Time) Stock Course Right Now:

The stock market is full of traps laid out by professional traders. Many new traders are often left confused by conflicting signs and signals. Worse still, ~80% of traders lose money. This is because trading isn't just about skill alone. It includes the mastery of your emotions. But what if I told you that you could quickly gain control over your emotions of fear and greed and master the stock market? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!