Stable at $172.77 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — Palo Alto Networks was steady Friday maintaining a $171.94 – $174 range before closing at $172.77.
Palo Alto Networks chart analysis: Palo Alto Networks, Inc. is approaching key support, around 97 cents away from $171.8. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Friday's price action generated a Japanese candlestick pattern showing a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.
Meanwhile, mixed performances were seen by other technology stocks as Apple falls 1.96% Friday to close at $151.07. ASML Holding closed at $591.84 (down 2%).
Data to be released today might clear up some of the market fog as as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 100, following on from the preceding figure of 102.5. New data is set to be published tomorrow at 15:00 UTC.
The cybersecurity company is now trading 69.15% below its 3-month high of $629.