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June 08, 2023
Yesterday at a glance: an influx of sellers pushed the Californian cybersecurity firm to session lows around $216.17 while establishing a $216.17 to $225.9 session range yesterday.
Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
Amid the market gloom, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Palo Alto Networks, Inc. made an initial break below its 5 day Simple Moving Average at $219.79, a possible indication of a forthcoming negative trend. On the other hand, note that Palo Alto Networks could begin to recover as it approaches significant support, now $3.27 away from $212.98. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Palo Alto Networks to extend its recent losses.
Palo Alto Networks was not the only decliner in the technology sector; Intuit went down 5.83%, closed at $448.49. ServiceNow went down to $528.32, losing 4.94% after it closed at $555.8 yesterday. Microsoft closed at $323.38 (down 3.09%).
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 232,000; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. Approximately 9 months ago, the Californian cybersecurity firm reached a significant high of $575.58 but has struggled to hold onto its gains and declined 60.96% since then.
