Enterprise cybersecurity platform giant Palo Alto Networks ( PANW) has firmed up on the charts and Monday a sell-side firm started coverage of PANW with a "buy" recommendation. Let's check out the charts and indicators and see where things might be headed.
In the daily bar chart of PANW, below, we can see that the shares have found buying interest (support) around the $460 area. Strength above the June and July highs in the $520-$540 area would be bullish. Prices are currently above the bottoming 50-day moving average line. The 200-day line is cresting and prices have failed since June at the underside of this indicator.
The daily On-Balance-Volume (OBV) line has been flat to down since April. The Moving Average Convergence Divergence (MACD) oscillator has been trading tightly around the zero line. 
In the weekly Japanese candlestick chart of PANW, below, we can see a number of lower shadows in May, June and July telling us that traders have been rejecting the lows and the path of least resistance should be higher.
The weekly OBV line has been steady since the middle of May. The MACD oscillator is pointed down but has narrowed significantly and is close to a buy signal.
In this daily Point and Figure chart of PANW, below, we can see a downside price target in the $404 area. A trade at $530 should refresh the upside move.
In this second Point and Figure chart of PANW, below, we used weekly price data. Here we can see a downside price target in the $431 area.
Bottom-line strategy: We favored the upside in our July 8 review and continue to look for further strength. Risk to $460 now.
