A quick look at yesterday: Palo Alto Networks has almost recovered all its losses from a previous close of $159.09 after dipping down to $151.56 yesterday.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Although Palo Alto Networks, Inc. is pointing down today (was as low as $151.56), it's climbing away from the $149.26 support line and is now $7.3 above it. Despite being in the red so far in the current trading session, Palo Alto Networks peaked above its 10 day Simple Moving Average around $155.41 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Palo Alto Networks —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Palo Alto Networks was not the only decliner in the technology sector; Salesforce closed at $149.69 (down 3.5%). Intuit drops 3% yesterday to close at $393.66.
On the other hand, positive performances could be seen by looking at other technology stocks as Cisco Systems was up 4.96%.
Furthermore, United States Existing Home Sales (Oct) is scheduled for today at 15:00 UTC.
Palo Alto Networks is now trading 69.23% below its 3-month high of $629.