| 
February 28, 2023
After having closed Friday at $186.63, the cybersecurity company rallied above $192.47 yesterday, for the first time in 5 months — gaining $1.88 — and closed at $188.51.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5 (previous figure was 107.1).
Palo Alto Networks's uptick comes amid good United States macroeconomic data released during the day — data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. United States Core Durable Goods Orders came out at 0.7%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.4%.
At the same time, data from United States concerning Core Durable Goods Orders was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 5.1% to -4.5% this month.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Palo Alto Networks is in an overbought condition. Analysis based on the asset volatility indicates that Palo Alto Networks's upper Bollinger Band® is at $192.9, this is a slight indication of a slowdown. Technical analysis shows that although Palo Alto Networks is appreciating today after rising as high as $192.47, price action is now slowing and consolidating around $2.87 below the $191.38 resistance level.
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 showed bullish price action as SAP was up 1.72%. ASML Holding was up 2.22%.
While Palo Alto Networks was bullish yesterday, the following technology stocks underperformed: Intuit went down to $412.62, losing 1.71% after it closed at $419.81 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 108.5, having previously been at 107.1. The figure will be published today at 15:00 UTC.
Also worthy of note, tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 440,000 from the preceding figure of 7.65 million.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
The stock has been trending positively for about a month. The cybersecurity company has shed 66.6% over the past six months.
