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June 25, 2023
Friday at a glance: the cybersecurity company found support around the $243.94 level, after closing Thursday at $249.15 and dropping by 2.09% Friday.
Palo Alto Networks, Inc. made an initial break below its 5 day Simple Moving Average at $244, a possible indication of a forthcoming negative trend. In contrast, Palo Alto Networks could begin to recover as it approaches significant support, now $1.7 away from $242.24. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Palo Alto Networks to extend its recent losses.
Palo Alto Networks was not the only decliner in the technology sector; Accenture plc Class A (Ireland) went down 2.87%, closed at $307.25. Sony Group Corporation went down to $91.14, losing 2.86% after it closed at $93.82 Friday. Texas Instruments closed at $167.68 (down 2.87%).
The stock has been trending positively for about a month. The Californian cybersecurity firm reached a significant high of $575.58 around 9 months ago but has lost 56.71% since then.
