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May 12, 2023
A quick look at today: pronounced bullish sentiment in the market helped the Californian cybersecurity firm to make a notable 1.08% gain today, rising $2.12 and ultimately closing at $199.3.
Palo Alto Networks's uptick comes amid disappointing United States macroeconomic data released during the session – United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.
At the same time, United States CFTC Crude Oil speculative net positions released today at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800.
Palo Alto Networks, Inc. could be slowing down soon; it is getting close to the resistance line and is now at $199.82, only 52 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on today, Palo Alto Networks slid below its 3 day Simple Moving Average at $197.47 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $205.3, thereby suggesting that Palo Alto Networks is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Palo Alto Networks is set for a reversal in the coming days.
This rally in Palo Alto Networks's share price coincided with other technology stocks as Accenture plc Class A (Ireland) traded at $277.19 after closing today's trading day at $272.27 (up 1.81%). IBM was up 1.6%.
While Palo Alto Networks was bullish today, the following technology stocks underperformed: Adobe slips 1.79% today to close at $341.58.
Over the past 8 months, the Californian cybersecurity firm has retreated 65.74% from a noteworthy peak of $575.58.
