After relatively struggling from November through most of January, cybersecurity provider Palo Alto Networks (PANW) has soared up the rankings in the SIA NASDAQ 100 Index Report in recent weeks. Boosted by a positive earnings report, the shares popped 12.5% and climbed 35 spots in the rankings, driving up through the entire yellow zone, and returning to the Green Favored Zone for the first time since November.
Palo Alto Networks (PANW) staged a major breakout yesterday, gapping up through $180.00 former resistance to trade at its highest levels since August. Accumulation started in mid-January with the shares establishing a new uptrend of higher lows, retaking its 50 and 200-day moving averages and snapping a downtrend line.
Previous peaks suggest potential resistance near $192.50 and the $210.00-$212.50 zone, along with the $200.00 round number. Initial support moves up to the $180.00 breakout point.
A nine-month downtrend in Palo Alto Networks (PANW) shares appears to be over. In the last month, PANW has staged a $50.00 per share rally up off its recent bottom, completing a bullish Double Top breakout, snapping a downtrend line and extending gains into a bullish High Pole.
Initial upside resistance appears in the $195.00 to $200.00 area where horizontal counts, a previous column high and a round number cluster, followed by the previous peak near $210.50. Initial support appears near $172.65 based on a 3-box reversal.
With a bullish SMAX score of 6, PANW is exhibiting strength against the asset classes.
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