ZS
Zscaler, Inc.
Stand aside — 200DMA is not rising — regime not clear. (+1 more)
Regime Shift
XLK
sector confirmed
1 insider(s)
net purchase ratio -1.00
buy date unknown
58
conviction / 100
72.4
technical / 100
$0–$0
No trade / watch only · Hard gate breached.
Regime clarity12.6
Sponsorship / positioning10.5
Volatility behaviour16.0
Catalyst alignment (insider)0.0
Cross-asset confirmation18.8
Stand aside — hard gate breached
- 200DMA is not rising — regime not clear.
- Insiders are net sellers — net purchase ratio -1.00 over the last 180 days (6 selling vs 0 buying). No insider purchase offsets the selling; this is one-way selling.
Last
187.14
Add above
190.97
Cut below
139.24
50DMA
154.54
200DMA
176.50
ZS — daily, 14 months
XLK — sector ETF, daily, 14 months
Pillar detail, thesis support and invalidation
Regime clarity
What strengthens the thesis
- price above 200DMA
- 200DMA flat/falling
- 50DMA rising
- higher highs and higher lows
- efficiency ratio 0.18
- OBV 50d slope +0.227 avg-daily-volumes/bar
- price/volume history is NOT one continuous security — a single 32% session gap. A conversion, large secondary or stock merger changes the share count, so the 200DMA averages two capital structures and OBV sums two different securities. Read this pillar with suspicion.
- 1 day(s) above 10x median volume (peak 12x) — OBV distorted by an event, sponsorship read unreliable
- no OBV divergence at highs
- OBV fell through last pullback
- last pullback 10.5% deep
- no wide downside expansion bars (30d)
- ATR expanding vs 20d mean
- single insider — no cluster
- net purchase ratio -1.00 (0 buying vs 6 selling)
- insiders are NET SELLERS over the window
- NO CFO purchase in the window — the CFO-specific terms score zero
- no CFO buy to date — recency not scored
- closest sector ETF: XLK
- XLK above rising 200DMA (sector-led)
- XLK vs SPY 6m: +21.0 pts
- stock vs XLK RS (3m/6m avg): +11.0 pts
- A confirmed higher high above 190.97 on expanding OBV.
- Pullbacks that hold the rising 50DMA with flat-to-rising OBV.
- XLK extending its own trend while the stock holds relative strength.
- Continued base-building above the reclaimed 200DMA without volatility expansion.
- Loss of the rising 50DMA (154.54) with expanding volatility — reduce.
- Breakdown below the prior structural base (139.24) — exit, no averaging down.
- OBV divergence during a price acceleration — reduce.
- Sector ETF losing its own 200DMA — remove capital regardless of stock behaviour.
- CFO: —
- 0 CFO purchase(s), — total; last filed
- Market cap $30,262,319,104 · 20d avg dollar volume $383,556,377
Insiders are NET SELLERS. The CFO purchase is contradicted.
| Open-market purchases | $0 |
| Open-market sales | $3,553,940 |
| Sales after option exercise | $0 |
| Distinct buyers / sellers | 0 / 6 |
| Net purchase ratio | -1.00 |
| Net purchase ratio, excl. option-exercise sales | -1.00 |
3 material events; 2 taken well, 1 badly; last earnings 26 May: shrugged off (+1.2%).
| Session | Filing | Event | Gap | Day | vs SPY | Vol | +5d | Read |
|---|---|---|---|---|---|---|---|---|
| 26 May 26 | 8-K · earnings | Results of operations (earnings) | +1.4% | +1.2% | +0.6% | 3.5x | -21.9% | Shrugged off |
| 26 May 26 | 10-Q | Quarterly report | +1.4% | +1.2% | +0.6% | 3.5x | -21.9% | Shrugged off |
| 16 Apr 26 | 8-K | Director or officer change | +3.0% | +2.5% | +2.3% | 1.0x | -1.0% | Faded |