Zscaler, Inc. (NASDAQ: ZS) stock witnessed a remarkable run last year, with the share prices soaring 98% in 2023. Shares of this cybersecurity solution provider carried on the momentum in early 2024, with its share price reaching a 52-week high of $259.61 on Feb 9. However, the stock pulled back since then and had been trading downward till May 30. But following the last excellent third-quarter fiscal 2024 earnings release on May 30, ZS stock has reversed its course and is on an upward trajectory. Since May 30, 2024, shares of Zscaler have soared approximately 26%, significantly higher than the Zacks Internet – Services industry's gain of 9.6%. Despite the upswing, ZS stock is still down approximately 10.9% for the year-to-date period. Considering Zscaler's recent performance, industry trends and future prospects, we believe that this dip presents a buying opportunity. Moreover, closing at $201.63 as of Jul 9, ZS stock still trades nearly 22% lower than its 52-week high, showing its potential for further upward movement. Image Source: Zacks Investment Research Let's find out the factors that can help Zscaler carry its recent upward momentum further. Trading Above 50-Day Moving Average Technical indicators are supportive of Zscaler's strong performance. The stock is trading above both its 50-day and 200-day moving averages, indicating robust upward momentum and price stability. This technical strength reflects positive market perception and confidence in Zscaler's financial health and prospects. Image Source: Zacks Investment Research Impressive Performance & Strong Prospects Zscaler has demonstrated impressive financial performance in recent quarters as it is benefiting from the rising demand for security and networking products amid the growing hybrid ...