In the last 5 days, Palo Alto Networks has lost a total of 17.61% of its value. More of the same today: slightly weaker but mostly flat: Palo Alto Networks is currently trading at $141.38 as it maintains an active range between $140.52 and $144.62.
Trend-following investors would be interested to note that 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. According to momentum evaluation, the Relative Strength Index indicates Palo Alto Networks is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Asset volatility analysis shows that Palo Alto Networks's lower Bollinger Band® is at $143.35, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day commences, technical analysis suggests Palo Alto Networks could begin to recover as it approaches significant support, now $3.78 away from $137.6. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Palo Alto Networks will remain range-bound for the immediate future.
Palo Alto Networks's stock value drop coincides with Apple is down to $136.36, losing 1.46%, after ending Friday at $138.38.
Positive performances can be seen by looking at other technology stocks as Microsoft is trading at $224.88 after ending Friday's session at $221.39 (up 1.58%).
Furthermore, United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
Palo Alto Networks has shed 71.64% over the past three months.