The price of Palo Alto Networks Inc. (PANW stock) showed selling pressure and dragged toward the 200-day EMA in the last trading session. However, PANW stock price has shown a bullish marubozu candle and closed with gains in yesterday’s session as the Q2 earnings were above estimates. Investors might be looking for a bounce.
The price action showcases that PANW stock has broken the lower trendline and noted a downward move below the 50-day EMA. However, technicals suggest that the stock is trying to retest the round mark of $200 to regain momentum and will skyrocket soon to retain the mark of $250 in the upcoming sessions.
PANW stock price is trading above neutrality but shows volatility and did not stay near the supply region of $250, resulting in a corrective move in the past sessions. However, the buyers desired a rebound and halted the gains at the 200-day EMA. PANW stock needs to attain follow-on buying to initiate a reversal to regain the strength that could trap sellers, and a short covering move can be seen.
At press time, PANW stock price is trading at $209.69 with an intraday gain of 1.02%, showing neutrality on the charts. Moreover, the trading volume increased by 3.67% to 11.675 Million, and the market cap is $64.135 Billion.
Moreover, analysts maintained a strong buy and outperform rating with a yearly target price of $258.52 suggesting a strong growth outlook.
Palo Alto Networks, Inc. provides network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.
PANW Stock Fib Retracement On Daily Charts
PANW share cannot sustain near the supply region at $250, sliding the gains for the past sessions and retesting the 200-day EMA. However, the trend is still neutral and does not signal a further selloff. Although, a rebound can be seen due to the positive sentiments of earnings results.
Short Term Charts Shows a Rebound
On the 4-hour charts, PANW stock price noted a bounce and tried to retain the 200-day EMA. However, the stock has made its corrective move and is ready for a pullback in the following sessions.
The RSI curve showed a pullback from the oversold region, and a positive crossover was noted on the charts.
The MACD indicator showed a bullish crossover and green bars on the histogram, suggesting a bounce for the following sessions.
Conclusion
Palo Alto Networks Inc. (PANW stock) price showed a correction in the past sessions and retested the 200-day EMA. However, the price has managed to hold the gains and formed a bullish marubozu candlestick which indicates a healthy pullback is near to happen.
Technical Levels:
Support Levels: $200 and $190
Resistance Levels: $215 and $230
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/20/panw-stock-price-analysis-panw-heading-toward-200-what-next/