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May 23, 2023
A quick look at yesterday: pronounced bullish sentiment in the market helped the cybersecurity company to make a notable 1.83% gain yesterday, rising $3.45 and ultimately closing at $192.11.
United States Building Permits is next today at 12:00 UTC.
Palo Alto Networks, Inc. made an initial breakout above its 50 day Simple Moving Average at $191.02, a potential indicator of a newly emerging bullish phase. Palo Alto Networks is currently trading around the $191.89 Fibonacci resistance level. In contrast, Palo Alto Networks is $1.84 away from testing key resistance at $193.95. Peaking above this level could inspire market bulls and open the path to further gains.
Examining the technical analysis landscape, Palo Alto Networks might continue its downtrend in the short term.
This rally in Palo Alto Networks's share price coincided with other technology stocks as Intuit traded at $454.11 after closing yesterday's trading day at $446.03 (up 1.81%). Microsoft gained 0.89%, as it traded at $321.18. AMD added 2.06% to its value, and traded at $108.
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 5 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Apr) will be released today at 14:00 UTC. United States Services PMI is expected today at 13:45 UTC.
Approximately 8 months ago, the cybersecurity company reached a significant high of $575.58 but has struggled to hold onto its gains and declined 67.22% since then.
