Today’s instrument is the Palo Alto Networks Inc.‘s stock traded on the Nasdaq exchange under the ticker PANW.
When we look at the PANW ‘s chart, we can see a climb from the $435 range on the 21st of May to the $470 where it formed its new support level, then climbing to the $500 mark, failed to move past it, and returned to the $470 level support. During yesterday’s session, there was a spike early on its session, reaching the high of $512 but ultimately returning to the $502 where it was last found trading.
Today we can expect a move towards the $512 closest resistance level.
If however, it doesn’t manage to hold on to the current level, then a move towards the $470 support level can be expected.
(Click on image to enlarge)
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