Palo Alto Networks has been chopping near record highs since the spring. Could it have a strong yearend?
The first pattern on today’s chart is the bullish gap on August 21 after quarterly earnings beat estimates. The cybersecurity stock subsequently pulled back to a closing low of $227.45 before bouncing. It retreated again in recent weeks but managed to hold the same price area.
That kind of price action, with the shares finding support at higher levels, may reflect an uptrend.
Second, the recent bounce occurred at the steadily rising 100-day simple moving average.
Third, stochastics are rebounding from an oversold condition.
Finally, look back further to the left. Notice other bullish gaps on May 24 (also on strong results) and June 5 (after it was added to the S&P 500 index). Those may additionally suggest that PANW is in a longer-term uptrend.
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