Palo Alto Networks (PANW) edged lower in recent intraday trading as the stock took profits from its previous gains while attempting to rebuild positive momentum that could help it resume its strong upward trajectory. The stock continues to benefit from trading above its 50-day Simple Moving Average (SMA), which is providing positive support, while the primary medium-term uptrend remains firmly in control. Price action also continues to follow an ascending trendline that supports the prevailing bullish bias, with momentum indicators generating positive signals that further strengthen the prospects for additional gains.
Therefore, our outlook remains bullish for the stock's upcoming trading sessions, particularly as long as it remains above $383.00. Under this scenario, the stock is expected to target the key resistance level at $432.00.
Today's price forecast: Bullish.
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