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May 18, 2023
A quick look at yesterday: although Palo Alto Networks increased from $191.43 to $193.11, the stock dropped back and is now priced at $191.52.
Palo Alto Networks's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -920,000 with a reading of 5 million. United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.
Palo Alto Networks, Inc. made an initial break below its 50 day Simple Moving Average at $190.82, a possible indication of a forthcoming negative trend. On the other hand, note that Palo Alto Networks is approaching key support, around $1.48 away from $190.04. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Palo Alto Networks is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other technology stocks as TSM traded at $90.88 after closing yesterday's trading day at $85.88 (up 5.82%). ServiceNow traded at $492.92 after closing yesterday's trading day at $468.24 (up 5.27%). Applied Materials was up 3.95%.
Data to be released today might clear up some of the market fog as United States Philadelphia Fed Manufacturing Index (May) will be released today at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released today at 12:30 UTC. United States Existing Home Sales (Apr) scheduled to come out today at 14:00 UTC.
The Californian cybersecurity firm is now trading 66.74% below the significant high of $575.58 it set around 8 months ago.
