ZS had a gap up due to earnings back on March 1st. The stock saw a rise in price within a bullish price channel but was creating a bearish divergence with the RSI indicator. Even with the pullback, the price remained in the bullish channel until it broke down in mid-August.
Another earnings report in September led to a gap down that created an Island Reversal pattern & carried the stock price below the March gap, which was now acting as resistance.
The stock price continued falling as it tested that March gap resistance a few times but as the price fell the RSI has moved higher creating a Bullish Divergence.
With the price moving out of an oversold condition I am looking for the price to move up to re-test the September gap resistance. Depending on bullish momentum the stock may be able to continue rising to fill the September gap.
Another earnings report in September led to a gap down that created an Island Reversal pattern & carried the stock price below the March gap, which was now acting as resistance.
The stock price continued falling as it tested that March gap resistance a few times but as the price fell the RSI has moved higher creating a Bullish Divergence.
With the price moving out of an oversold condition I am looking for the price to move up to re-test the September gap resistance. Depending on bullish momentum the stock may be able to continue rising to fill the September gap.
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