Slow down? Following a six day winning streak, Palo Alto Networks faltered today; now hovering around $217.24

Today at a glance: without a clear direction, Palo Alto Networks closed at $217.24 while ranging between $215.05 and $219.93.

This uncertain state for Palo Alto Networks is reflected by published market data as data for United States Non Farm Payrolls published today at 12:30 UTC came out at 339,000, beating projections of 180,000 and showing improvement over the preceding figure of 294,000. United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. Highly important Unemployment Rate data from United States beat analyst expectations of 3.5 with a reading of 3.7.

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, 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 $219.75, suggesting that a downward move may follow. Palo Alto Networks's notable support and resistance levels: Palo Alto Networks is approaching key support, around $5.39 away from $211.85. 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.

Overall, while Palo Alto Networks has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Meanwhile, mixed performances were seen by other technology stocks as IBM traded at $132.38 after closing today's trading day at $129.82 (up 1.97%). Accenture plc Class A (Ireland) traded at $311.47 after closing today's trading day at $305.2 (up 2.05%). Adobe traded at $436.37 after closing today's trading day at $426.75 (up 2.25%).

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 62.34% since then.