Shares of Palo Alto Networks (PANW) were rated a new buy by a smaller sell-side firm Thursday. Sometimes the sharpest minds work at smaller shops so let's check out the charts of this cybersecurity platform.
In the daily bar chart of PANW, below, we can see that the shares have been testing the 200-day moving average line and its slope is flat or neutral. We can see that prior tests of this indicator since early October have failed. Is this time the charm?
The slope of the 50-day moving average line is bottoming. Trading volume has increased in November as traders are showing more interest in the company. The On-Balance-Volume (OBV) line shows some uneven improvement in November.
The trend-following Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line last month for an outright buy signal.