The cybersecurity company slides down from $172.69 to $170.36, losing $2.33 (1.35%).
Palo Alto Networks is currently trading at $170.36 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Factory Orders beat analyst expectations of 0.7% and the previous reading of 0.3% with new data of 1%. United States ISM Non-Manufacturing Employment (Nov) released today at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Palo Alto Networks, Inc. made an initial break below its 10 day Simple Moving Average at $171.85, a possible indication of a forthcoming negative trend. In contrast, Palo Alto Networks could begin to recover as it approaches significant support, now 47 cents away from $170.83. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Palo Alto Networks is likely to start pointing downward in the short term.
Palo Alto Networks's stock value drop coincides with Salesforce is down to $139, losing 3.85%, after ending Friday at $144.56. Oracle is down to $80.66, losing 3.23%, after ending Friday at $83.35. After closing the previous session (Friday) at $407.92, Intuit lost $11.6 and is trading around $396.32.
Furthermore, United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
The stock has been trending positively for about a month. The cybersecurity company has shed 67.45% over the past three months.