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Palo Alto Networks is an American cybersecurity company. Its main products include advanced firewalls as well as cloud-based security products. The company has over 60,000 customers spread out across 150 countries. Cybersecurity has strong demand worldwide due to the rise of the digital economy and greater focus on preventing cyber attacks on strategic assets of companies. Palo Alto Networks is one of the market leaders in this space and the long-term prospects for the company look good.
A 7-year monthly chart of Palo Alto Networks shows the clear uptrend that the stock has been in since 2013. In February 2020, the stock fell significantly by 50% and briefly broke the bottom of the long term trend. However, the stock bounced back by 24% in April 2020 and has just passed a historical support level at 193.
The stock is poised for further upward movement to 250, which is a historical resistance level. The next target from there can then be 280, which is the top of the long term trend. A stop loss can be placed below 160, a significant area of value, as it is not only the bottom of the long-term trend, but also an important support level.
Position taken at $194.68 with stop loss 19.6% below at 156.51. Short term investors could take profits at the top of the long term trading range about $290. Giving a profit of 48%.
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.
If you are interested in purchasing the above stock please click here to view some trading platforms.
Information is provided ‘as-is’ and solely for informational purposes. Data provided mostly by way of video and images are of actions that have already taken place. and are not for trading purposes or advice.
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