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April 05, 2023
Today at a glance: in today's bearish session, the cybersecurity company shed around 1.21% in quick fashion, found support around the $191.91 level and finally closed at $194.18. In contrast, the day's events followed yesterday's session in which the stock closed at $196.56.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.74 million.
United States Crude Oil Inventories improved upon its previous reading of -7.49 million with a new data release of -3.74 million.
Meanwhile, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released today at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
Palo Alto Networks, Inc. made an initial break below its 10 day Simple Moving Average at $193.8, a possible indication of a forthcoming negative trend. Palo Alto Networks's upper Bollinger Band® is at $199.69 which indicates a further downward move may follow. In contrast, Palo Alto Networks could begin to recover as it approaches significant support, now $2.39 away from $191.79. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Palo Alto Networks to extend its recent losses.
Palo Alto Networks was not the only decliner in the technology sector; Accenture plc Class A (Ireland) draws back 1.58% today to close at $285.84. AMD went down to $92.56, losing 3.45% after it closed at $95.87 today. TSM went down 2.14%, closed at $92.17.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 198,000; data will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about 2 months. The Californian cybersecurity firm is now trading 68.75% below the significant high of $629 it set around 11 months ago.
