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April 16, 2023
A quick look at Friday: after ending Thursday at $197.87, Palo Alto Networks went up to $199.85 only to drop back, yet still traded well overall and closed at $199.44 Friday.
Palo Alto Networks, Inc. made an initial breakout above its 10 day Simple Moving Average at $195.09, a potential indicator of a newly emerging bullish phase. In contrast, Palo Alto Networks could be slowing down soon; it is getting close to the resistance line and is now at $202, only $2.57 away. Crossing the resistance line could, however, suggest that further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $200.27, thereby suggesting that Palo Alto Networks is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems Palo Alto Networks likely to continue pointing upward in the short term.
This rally in Palo Alto Networks's share price coincided with other technology stocks as NVIDIA traded at $267.58 after closing Friday's trading day at $264.63 (up 1.11%).
Palo Alto Networks went up Friday, yet these technology stocks did not follow — Accenture plc Class A (Ireland) lost 2.11% Friday and closed at $279.25. Microsoft went down to $286.14, losing 1.28% after it closed at $289.84 Friday.
The stock has been trending positively for about 3 months. The cybersecurity company reached a significant high of $628.56 around 11 months ago but has lost 68.52% since then.
