Solid session for Palo Alto Networks generates 0.86% gain yesterday

Yesterday at a glance: the Californian cybersecurity firm went up to $255.51, gaining 0.86%.

Meanwhile, United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -208,300, while the previous figure was -239,300.

Despite posting gains on yesterday, Palo Alto Networks, Inc. slid below its 3 day Simple Moving Average at $252.78 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $263.81, thereby suggesting that Palo Alto Networks is becoming overvalued. Palo Alto Networks could be slowing down soon as it approaches resistance at $257.43. Of course, crossing it might suggest further gains are ahead.

Technical analysis suggests there could be an imminent reversal for Palo Alto Networks.

This rally in Palo Alto Networks's share price coincided with other technology stocks as Apple traded at $193.97 after closing yesterday's trading day at $189.59 (up 2.31%). NVIDIA gained 3.63%, as it traded at $423. ServiceNow gained 2.53%, as it traded at $561.97.

The stock has been trending positively for about 2 months. 10 months ago the cybersecurity company reached a significant high of $575.58 but has consequently lost 56% since then.