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April 11, 2023
A quick look at yesterday: Palo Alto Networks ended Thursday at $191.93. yesterday it went up to $193.71 only to drop back, yet still managed to close at $192.62.
Technical chart analysis shows Palo Alto Networks, Inc. could be slowing down soon; it is getting close to the resistance line and is now at $194.61, only $2 away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend analysis indicates that Palo Alto Networks made an initial breakout above its 21 day Simple Moving Average at $191, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $188.83 to $193.71, Fibonacci-inclined Palo Alto Networks traders were highly concentrated around active Fibonacci resistance at $191.59. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $199.29, thereby suggesting that Palo Alto Networks is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates Palo Alto Networks will remain range-bound for the immediate future.
This rally in Palo Alto Networks's share price coincided with other technology stocks as AMD gained 3.26%, as it traded at $95.48.
While Palo Alto Networks was bullish yesterday, the following technology stocks underperformed: Apple closed at $162.03 (down 1.6%). Oracle lost 1.84% yesterday and closed at $93.76.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The stock has been trending positively for about 2 months. Having set a significant high of $629 11 months ago, the cybersecurity company is trading 69.49% lower.
