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March 11, 2023
Yesterday at a glance: after ending Thursday at $184.42, Palo Alto Networks went up to $187 only to drop back, yet still traded well overall and closed at $185.71 yesterday.
Palo Alto Networks's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls beat the 205,000 projections, with 311,000.
Palo Alto Networks's uptick comes amid disappointing United States macroeconomic data released during the session – data from United States concerning Unemployment Rate was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.6 this month.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Palo Alto Networks, Inc. made an initial breakout above its 3 day Simple Moving Average at $186.67, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Despite this, Palo Alto Networks could be slowing down soon; it is getting close to the resistance line and is now at $187.64, only $1.93 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Palo Alto Networks to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the cybersecurity company is expected to pick up significant bullish sentiment in the coming days.
Palo Alto Networks went up yesterday, yet these technology stocks did not follow — Accenture plc Class A (Ireland) went down to $252.95, losing 2.62% after it closed at $259.76 yesterday. Oracle lost 3.22% yesterday and closed at $84.07. Intuit went down 2.96%, closed at $404.58.
The stock has been trending positively for about 2 months. The Californian cybersecurity firm traded as high as $629 before shedding 67.27% lower over the past six months.
