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Possible Bearish Inside Day Candle Pattern Detected for Palo Alto Networ (NYSE:PANW)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Palo Alto Networ (NYSE:PANW) based on the price action in the company's shares. Today's price range of $246.80 and $246.80 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Palo Alto Networ may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Palo Alto Networ (NYSE:PANW) is currently priced 17.6% above its average consensus analyst price target of $203.45. The stock should discover initial support at its 50-day moving average (MA) of $224.02 and subsequent support at its 200-day MA of $208.01.

In the past 52 weeks, shares of Palo Alto Networ have traded between a low of $160.08 and a high of $260.63 and are now at $246.80, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has risen 0.3%.

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

SmarTrend recommended that subscribers consider buying shares of Palo Alto Networ on December 28th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $184.07. Since that recommendation, shares of Palo Alto Networ have risen 35.7%. We continue to monitor PANW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle palo alto networ

Ticker(s): PANW