Palo Alto Networks (PANW) resumed its decline in its latest intraday trading, pressured by continued negative momentum resulting from trading below its previous 50-day SMA. This confirms the break of a main medium-term ascending trendline, which further intensifies the bearish pressure surrounding the price, especially after it successfully relieved part of its oversold saturation on the RSI indicators.

 

Therefore we expect the stock to decline in its upcoming trading, as long as it remains below the resistance level of $193.10, targeting the support level of $172.75.

 

Today’s price forecast: Bearish