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Fan Yang

Palo Alto Networks (PANW) Surging: $200 Should be No Problem

I am big on AI and Cybersecurity, and Palo Alto $PANW is essentially implementing AI features to its Cybersecurity service. 

Recently, we saw that PANW broke above a common resistance, and suggested a target of $200

PANW Weekly Chart

(click to enlarge)

Breakaway:
- I noted that if price came back, we should look for support around $160.
- Well, there was no such pullback, as we can see a straight upwards run in the past 4 weeks for PANW
- Indeed it looks like price will be able to push towards the $195-$200 area, especially if market indices continue to be bullish.
- If market sentiment tanks, then we might expect some consolidation or pullback in PANW, but again, I would not expect a dip below the $160-$165 area. 
- With that being said, a break below $150 would be a major violation of the bullish outlook, which would make such an event a bearish outlook at least towards the $120 area. 

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