Palo Alto Networks has almost recovered all its losses from a previous close of $162.03 after dipping down to $157.42 yesterday.
- Consumer Confidence data from United States will be released today at 14:00 UTC with analysts expecting a decline to 106.5. Potentially significant price fluctuations in Palo Alto Networks are expected to follow.
- Yesterday's down move comes on the back of a 3 day uptrend, during which Palo Alto Networks added $3.46 to its value.
Earlier data releases related to Palo Alto Networks – United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) came out at 13.1, while a consensus of analysts was expecting 14.4. United States Services PMI released yesterday at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3.
Here is the technical analysis of Palo Alto Networks before its data is released:
Palo Alto Networks, Inc. made an initial break below its 10 day Simple Moving Average at $159.12, a possible indication of a forthcoming negative trend. 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. In contrast, although Palo Alto Networks is pointing down today (was as low as $157.42), it's climbing away from the $158.32 support line and is now $3 above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Palo Alto Networks to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Palo Alto Networks is expected to attract significant bearish sentiment in the coming days.
Coming up for Palo Alto Networks — United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC. United States New Home Sales (Sep) is scheduled for tomorrow at 14:00 UTC.
As the markets get ready for more data to be released — TSM went down 3.86%, closed at $63.75. Microsoft gained 2.12%, as it traded at $247.25. IBM traded at $132.69 after closing yesterday's trading day at $129.9 (up 2.15%).
Palo Alto Networks has shed 68% over the past three months.