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June 13, 2023
After ending yesterday at $229.14, the Californian cybersecurity firm went up to $234.5 only to drop back some of the way. It is now trading around $231.59 as it reaches the end of the trading session.
Meanwhile, United States Consumer Price Index released today at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
As the trading day comes to an end, chart analysis indicates Palo Alto Networks, Inc. could be slowing down soon; it is getting close to the resistance line and is now at $235.07, only $3.48 away. Crossing the resistance line could, however, suggest that further gains are ahead. Trend-following investors would be interested to note that investors are seeking long positions as Palo Alto Networks price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Palo Alto Networks's case, the RSI has fallen below 30, indicating the asset is oversold. According to asset volatility analysis, Palo Alto Networks's upper Bollinger Band® is at $238.47, this is a slight indication of a slowdown.
Overall, while Palo Alto Networks has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other technology stocks also shows bullish price action as NVIDIA is trading at $405.36 after ending yesterday's session at $394.82 (up 2.67%).
While Palo Alto Networks is higher so far today, these technology stocks are struggling: Salesforce is trading around $208.59 (down 2.39%). AMD is down to $124.83, losing 3.37%, after ending yesterday at $129.19.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Producer Price Index projected to decline to -0.1% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC.
The market is looking forward to the release of new data: United States Interest Rate is expected tomorrow at 18:00 UTC.
The stock has been trending positively for about a month. The cybersecurity company reached a significant high of $575.58 around 9 months ago but has lost 60.19% since then.
