Yesterday at a glance: after closing at $176.89 on Tuesday, Palo Alto Networks maintained a strong bullish bias that helped the stock close higher at $177.66 yesterday. However, market bears ensured the the Californian cybersecurity firm topped out at $180.54 and that by the end of the session, the market had marked out a distinct $176.5 to $180.54 range.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 240,000.
Palo Alto Networks's uptick comes amid disappointing United States macroeconomic data released during the session – United States Crude Oil Inventories improved upon its previous reading of -5 million with a new data release of -1.28 million.
At the same time, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25. United States ISM Non-Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 51.9, while the previous figure was 51.2.
Palo Alto Networks's notable support and resistance levels: although Palo Alto Networks, Inc. is appreciating today after rising as high as $180.54, price action is now slowing and consolidating around $2.36 below the $180 resistance level. Trend-focused traders 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. Yesterday's price action generated a Japanese candlestick pattern showing 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Asset volatility analysis shows that Palo Alto Networks's lower Bollinger Band® is at $174.41, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates Palo Alto Networks will remain range-bound for the immediate future.
This rally in Palo Alto Networks's share price coincided with other technology stocks as Intel traded at $30.65 after closing yesterday's trading day at $29.77 (up 2.96%).
While Palo Alto Networks was bullish yesterday, the following technology stocks underperformed: AMD closed at $81.62 (down 9.22%). Adobe closed at $345.25 (down 6.35%).
Also worthy of note, tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. United States Initial Jobless Claims projected to decline to 240,000 while previous data was 230,000; data will be released today at 12:30 UTC. United States Unemployment Rate projected to come out at 3.6 — worse than previous data of 3.5; data will be released tomorrow at 12:30 UTC.
Having set a significant high of $575.58 8 months ago, the cybersecurity company is trading 69.27% lower.