A couple of weeks ago, I noted that it was a bullish sign that Palo Alto $PANW held above $195-$200 area. However, more recent price action suggests this support is probably not going to hold, and that further bearish correction is ahead of PANW. PANW Daily Chart (click to enlarge) Bears in Charge:- The $195-$200 area is a key support, and price DID bounce off of it in early June.- However, the rally found resistance in the 200-day simple moving average (SMA). - Furthermore, the subsequent dip has been sharp. This reveals a lost of confidence at least in the short-term.- This current dip threatens the $195 support again. - If so, I think there is a chance price will fall back to at least the $175-$180 area. - A more aggressive bearish outlook would be the $160-$165 area, which involves the 200-week (SMA) as well as a key support/resistance pivot seen on the weekly chart below.- I took a small loss getting in just above $200 and getting out just under $200. It might be prudent to wait to see if price would break below $195 to exit, but I wanted the dry powder for other names, specifically CYBR, which looks much better at the moment. PANW Weekly Chart (click to enlarge) $CYBR Daily Chart (click to enlarge) Preferring CYBR:- We can see that CYBR is also consolidating. - I had put entry orders at the $120 support as well as $105.- I exited PANW to add to the size of these orders.