Palo Alto Networks appreciates 0.67% with $185.48 as the high of the day

Today at a glance: the cybersecurity company went up to $183.79, gaining 0.67%.

United States's Crude Oil Inventories new data released of -5 million below its previous figure.

Palo Alto Networks's uptick comes amid good United States macroeconomic data released during the day — highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of 0.3%.

On the flip side, Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.

Meanwhile, United States New Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 623,000.

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Palo Alto Networks's lower Bollinger Band® is at $184.83, indicating that the market is oversold and fertile for new buyers. Palo Alto Networks's notable support and resistance levels: although Palo Alto Networks is appreciating today after rising as high as $185.48, price action is now slowing and consolidating around $2.94 below the $186.73 resistance level.

All in all, the technical analysis suggests Palo Alto Networks has no clear-cut direction.

A look at other technology stocks also showed bullish price action as Microsoft gained 7.24%, as it traded at $295.37. Sony Group Corporation added 3.36% to its value, and traded at $93.81.

While Palo Alto Networks was bullish today, the following technology stocks underperformed: Texas Instruments went down 2.91%, closed at $169.39.

Also worthy of note, United States Pending Home Sales projected to come out at 0.5% — worse than previous data of 0.8%; data will be released tomorrow at 14:00 UTC. Tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.

Palo Alto Networks has shed $417.16 points and is languishing 69.56% lower over the past year, leaving its yearly highs around $599.73 in the rear-view mirror.