Cybersecurity stocks have surged over 100% year-to-date in 2024, but Zscaler has lagged, falling as much as 65% from its 52-week highs and remaining down 13% this year. According to technical analyst Jay Woods, the stock is now showing a bullish bottoming formation on both daily and weekly charts with a MACD crossover and positive RSI momentum. The key support level is around $165, while upside targets are set between $250 and $265, representing 25% to 30% potential gains. The analysis suggests a rotation within the cybersecurity sector is now favoring previously lagging names like Zscaler.
Source: Read the original article
