Zebra Technologies Corp

ZBRA formed a classic blow-off top in early September, marking unsustainable buying and prompting a sharp pullback. The chart has since shifted into a Stage 3 topping phase, with price now below the 9-, 20-, and 50-day EMAs. Medium-term bias is bearish, favoring selling into rallies at the EMAs around the 350–352 zone. Short-term execution is ready to fade strength on rejections at these moving averages. Long-term uptrend remains intact above the 200-day SMA, but reclaim of EMAs and prior support would invalidate this stance.

• ↑Q2 revenue $1.5B (+20.4% YoY; 9.2% organic), EPS $6.35 (+76%) beat estimates.
• ↑Adjusted EBITDA margin rose to 27.7% (+710bps), free cash flow $361M.
• ↓Adjusted gross margin fell to 48.2% as memory costs rose.