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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Palo Alto Networ (NYSE:PANW) based on the price action in the company's shares. Yesterday's price range of $174.51 and $179.49 is within the prior day'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. Traders and investors interested in shares of Palo Alto Networ may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Potential upside of 13.8% exists for Palo Alto Networ, based on a current level of $178.80 and analysts' average consensus price target of $203.45. Palo Alto Networ shares should first meet resistance at the 50-day moving average (MA) of $193.41 and find additional resistance at the 200-day MA of $200.70.

In the past 52 weeks, Palo Alto Networ share prices have been bracketed by a low of $140.12 and a high of $239.50 and closed yesterday at $178.80, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.6%.

SmarTrend is monitoring the recent change of momentum in Palo Alto Networ. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Palo Alto Networ in search of a potential trend change.

Keywords: bullish am inside day candle palo alto networ

Ticker(s): PANW