Cybersecurity firm Palo Alto Networks (PANW) is not expected to report their latest quarterly earnings until early next week, but let's check on the condition of the charts and indicators.
In this daily bar chart of PANW, below, I can see a price chart that "jumps around a bit" but the indicators show a smoother story. Prices are testing the rising 50-day moving average line and trade above the rising 200-day line.
The On-Balance-Volume (OBV) line bottomed in January and its subsequent rise supports the gains we have seen in the stock price. The Moving Average Convergence Divergence (MACD) oscillator is on the verge of crossing back above the zero line for an outright buy signal.
In this weekly Japanese candlestick chart of PANW, below, I see a constructive picture. Prices are in a longer-term uptrend and trade above the rising 40-week moving average line. The recent weekly candles are not showing us large upper shadows and that is a positive.
The weekly OBV line has made a new high for the move up and has broken above the late 2021 high - another bullish clue. The MACD oscillator is bullish.
In this daily Point and Figure chart of PANW, below, I can see a downside price target in the $150 area. A trade at $203.43 should improve the upside probabilities.
In this weekly Point and Figure chart of PANW, below, I can see that a trade at $205.46 will be an upside breakout.
Bottom line strategy: I have no special knowledge of what PANW will tell shareholders next week but the indicators favor higher prices in the weeks ahead. Traders could consider buying strength above $203.50.
