| 
February 22, 2023
After closing the previous trading day at $166.89, Palo Alto Networks is up to $184.26, which makes for a move of 10.41%/$17.37 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
At the same time, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Palo Alto Networks has crossed the upper Bollinger Band® at $179.44, a potential sign that further gains are to follow. In contrast, first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In Palo Alto Networks's case, the RSI has fallen below 30, indicating the asset is oversold.
Overall, looking at the technical analysis landscape, it seems Palo Alto Networks might continue pointing upwards in the short term.
A look at other technology stocks also shows bullish price action as Adobe added 1.14% to its value, now trading at $350.66. Intuit is trading at $399.9 after ending yesterday's session at $396.26 (up 0.92%).
At the same time, after closing the previous session (yesterday) at $49.69, Cisco Systems lost 63 cents and is trading around $49.06.
Furthermore, the market is looking at tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 194,000. New data is set to be published tomorrow at 13:30 UTC.
Also worthy of note, United States GDP is expected tomorrow at 13:30 UTC.
The stock has been trending positively for about a month. The cybersecurity company traded as high as $629 before shedding 67.15% lower over the past six months.
