Boston, MA, 04/23/2014 (usastockreport) – Palo Alto Networks Inc. (NYSE:PANW) saw good price action in yesterdays’ trade only finding resistance at the 50 day moving average for the stock. In the process, the stock formed a bullish engulfing pattern on the daily charts on the back of good volume, which gives us the first indications that the stock may be in for a breakout from current levels once it closes above the $71.53 levels. The stock has seen very good upward momentum after it took support at $58.91 levels on the daily charts.
The stochastic oscillator for Palo Alto Networks Inc. (NYSE:PANW) has been on a good up move right from the time it gave a buy signal when it crossed above the oversold territory. Though the stock has seen a good up move it hasn’t reached the overbought zone yet nor is it showing signs of weakness which makes us believe the stock has one final push left in itself before tapering. The relative strength index for the stock has not shown any signs of weakness just like the stochastic oscillator and is currently still in bullish territory showing signs of a further up move.
The weekly charts for Palo Alto Networks Inc. (NYSE:PANW) are showing bullishness and the stochastic oscillator for the stock has given a crossover buy signal which confirms our bullish stance for the near term. The relative strength index for the stock has also given signs of a bullish pullback and is showing inherent strength making us believe in the impending breakout.
(Figure): Daily chart for Palo Alto Networks Inc. (NYSE:PANW)
Latest Buzz: Barclays raised the rating on the stock from “Equal weight” to “overweight” by Barclays, which was taken very well by investors on the street who went on a buying spree after the news and the stock closed at its days high up close to 4%.