Zscaler (ZS) is holding just above the $199 pivot on Binance Futures after a muted 24-hour move of 0.51%, but the technical picture remains soft with price below the short- and medi...

Zscaler Stock last traded at $199.03, up 0.51% over 24 hours, with an intraday range of $201.29 to $196.93 and relatively light reported volume of $118,482 on Binance Futures. Price is sitting almost exactly on the $199.08 pivot, which makes the next move around this area more important than the small daily change suggests.

The derivatives backdrop is not stretched. Funding is neutral at 0.0000%, open interest is 494.94 contracts, and the 24-hour open interest change is -3.85%, which points to some position reduction rather than aggressive leverage build-up. That matters because a flat funding rate with falling OI usually signals a pause in conviction, not a crowded trade.

The chart remains structurally weak despite the bounce attempt. ZS is below its SMA 7 at $206.29, SMA 20 at $231.33, SMA 50 at $218.52, EMA 12 at $214.12, and EMA 26 at $220.03. That spread tells you price is still trading beneath the recent trend stack, so rallies will likely be treated as tests of overhead supply until those averages are reclaimed.

Momentum confirms that caution. 56 shows the market sitting near the bottom of its short-term range. 1290 suggest price is still trading near lower-band support, not in a strong trend recovery.

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