Palo Alto Networks (PANW) may be ready to bounce higher again.
When it first pulled back, it plummeted from about $360 to $260 on poor guidance. It also became technically oversold on RSI, MACD, and Williams’ %R. Shortly after, it would bounce from $260 to about $322, and then sunk back to $280.29 on profit taking.
However, with PANW again oversold on RSI, MACD, and Williams’ %R, we believe it could push higher again. Initially, we’d like to see PANW again challenge $322. If it can break above that price point, it could potentially refill its bearish gap around $360.
We also have to consider that with consistent cyberattacks, there will always be a demand.
Most recently, as noted by NPR.org:
The American Hospital Association calls the suspected ransomware attack on Change Healthcare, a unit of insurance giant UnitedHealth Group’s Optum division, “the most significant and consequential incident of its kind against the U.S. healthcare system in history.” While doctors’ practices, hospital systems, and pharmacies struggle to find workarounds, the attack is exposing the health system’s broad vulnerability to hackers, as well as shortcomings in the Biden administration’s response.
