A quick look at yesterday: the Californian cybersecurity firm dropped 4.77% early on and traded close to the $152.59 level.
United States Core Retail Sales published yesterday at 13:30 UTC came out at -0.2%, falling short of the 0.2% projections and continuing its decline from the previous 1.2% figure. Following a previous reading of 1.3%, Retail Sales in United States released yesterday at 13:30 UTC fell short of the -0.1% figure expected by analysts with an actual reading of -0.6%.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Dec) released yesterday at 13:30 UTC with a figure of -13.8, while the previous figure was -19.4.
Palo Alto Networks, Inc. fell below the $156.28 support zone and moved $3.69 beyond it; the next level of support with significant buyer interest is estimated at $152.09. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Palo Alto Networks is currently flirting with an active Fibonacci support level around $156.9. Palo Alto Networks has just crossed the lower Bollinger Band® at $153.52, indicating further losses could be forthcoming.
Looking forward, Palo Alto Networks is poised to extend its strong downtrend and continue declining.
Palo Alto Networks was not the only decliner in the technology sector; IBM went down to $142.36, losing 5% after it closed at $149.86 yesterday. Apple closed at $136.5 (down 4.69%). Intuit dips 5.34% yesterday to close at $418.92.
8 months ago the cybersecurity company reached a significant high of $629 but has consequently lost 74.53% since then.