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May 02, 2023
Yesterday at a glance: after closing at $182.46 on Friday, Palo Alto Networks maintained a strong bullish bias that helped the stock close higher at $183.3 yesterday. However, market bears ensured the the cybersecurity company topped out at $185.18 and that by the end of the session, the market had marked out a distinct $179.71 to $185.18 range.
At the same time, United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) released yesterday at 14:00 UTC with a figure of 50.2, while the previous figure was 46.9.
Palo Alto Networks, Inc. made an initial breakout above its 3 day Simple Moving Average at $183.79, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $182.15 currently serving as resistance. If broken, the next Fib hurdle is expected to be $191.59. Palo Alto Networks's lower Bollinger Band® is at $179.65, indicating that the market is oversold and fertile for new buyers. In contrast, Palo Alto Networks could be slowing down soon as it approaches resistance at $185.79. Of course, crossing it might suggest further gains are ahead.
Palo Alto Networks continues to move higher with technical analysis indicating the trend will continue in the short term.
This rally in Palo Alto Networks's share price coincided with other technology stocks as Sony Group Corporation traded at $92.19 after closing yesterday's trading day at $89.67 (up 2.81%). NVIDIA traded at $289.1 after closing yesterday's trading day at $277.49 (up 4.18%).
While Palo Alto Networks was bullish yesterday, the following technology stocks underperformed: Intel dips 2.45% yesterday to close at $31.06.
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 -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States Interest Rate is expected tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) is scheduled for tomorrow at 12:15 UTC.
The cybersecurity company is now trading 68.3% below the significant high of $575.58 it set around 8 months ago.
