Palo Alto Networks (PANW) is not expected to report their earnings numbers until after the close of trading on November 18, but let's check on things today.
In this daily bar chart of PANW, below, we can see that prices have remained strong since they gapped higher back in August. PANW is trading above the rising 50-day moving average line after a successful test of the line last month and earlier this month.
The On-Balance-Volume (OBV) line shows some softness from the middle of September but may not be a serious liquidation. The Moving Average Convergence Divergence (MACD) oscillator has been moving down towards the zero line but has narrowed recently.
In this weekly Japanese candlestick chart of PANW, we can see a lower shadow last month that tells us the traders are rejecting the lows. Prices are trading well above the rising 40-week moving average line. The weekly OBV line and the MACD oscillator are both bullish.
In this daily Point and Figure chart of PANW, below, we can see an upside price target of $629.
In this weekly Point and Figure chart of PANW, below, we can see that the software is projecting a potential longer-term price target in the $765 area.
Bottom line strategy: We recommended the long side of PANW back on September 15, writing "Continue to hold long positions as our $500 price target is near. Traders who are flat could probe the long side of PANW around $480 now risking $465. The $765 area is our new price target." Raise stops to $479 while looking for $629 and then $765 longer-term.
