Here are some ideas for $PANW – November 21, 2023
This is Scott with your Chart of the Day. I want you to keep an eye on Palo Alto Networks ( NASDAQ: PANW ), at least for the next little bit here.
It is coming up to a pretty interesting pivot point. If I zoom in and get my handy-dandy line drawing tool we can see a pretty clear area of resistance right around that 266.00 zone. Palo Alto Networks ( NASDAQ: PANW ) has been in this long drawn-out range, with a bunch of volatility to the downside and the upside.
I’m looking forward to breaking out of this range and possibly making a new all-time high if the market allows it to. So I am going to set an alert on my software, right around that 266.00, maybe just underneath 266.00, and look for a strong move coming on volume for a potential breakout.
Now ideally, what I would like to see is something closer to these moving averages. Even if it doesn’t break out right away, I think a pullback to the 8-day, 21-day, or even the 50-day could be potentially buyable for a small starter position.
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