Palo Alto Networks has been chopping near record highs since the spring. Could it have a strong yearend?
The first pattern on today’s chart is the bullish gap on August 21 after quarterly earnings beat estimates. The cybersecurity stock subsequently pulled back to a closing low of $227.45 before bouncing. It retreated again in recent weeks but managed to hold the same price area.
That kind of price action, with the shares finding support at higher levels, may reflect an uptrend.
Second, the recent bounce occurred at the steadily rising 100-day simple moving average.
Third, stochastics are rebounding from an oversold condition.
Finally, look back further to the left. Notice other bullish gaps on May 24 (also on strong results) and June 5 (after it was added to the S&P 500 index). Those may additionally suggest that PANW is in a longer-term uptrend.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
The first pattern on today’s chart is the bullish gap on August 21 after quarterly earnings beat estimates. The cybersecurity stock subsequently pulled back to a closing low of $227.45 before bouncing. It retreated again in recent weeks but managed to hold the same price area.
That kind of price action, with the shares finding support at higher levels, may reflect an uptrend.
Second, the recent bounce occurred at the steadily rising 100-day simple moving average.
Third, stochastics are rebounding from an oversold condition.
Finally, look back further to the left. Notice other bullish gaps on May 24 (also on strong results) and June 5 (after it was added to the S&P 500 index). Those may additionally suggest that PANW is in a longer-term uptrend.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.