Palo Alto Networks - buying dip?

  • PANW earnings guidance lagged its forecast, creating a 12% decline after hours.

  • Palo Alto said that it has agreed to acquire Aporeto, a machine identity-based micro-segmentation firm, for $150 million in cash. The company said its earnings projections include net expenses related to the proposed acquisition.

  • Both the 50sma and 200sma are working as support after the earnings report took PANW 12% after hours.

  • The 50sma is also looking to break the 200sma. Crossing of the 50sma over the 200sma could be a bullish confirmation of a healthy uptrend.

  • Will enter position if we can stay above the SMA's and enter the channel, formed by the most recent gap.

**Next short-term resistance area --> $228-$230.

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