$PANW Palo Alto Networks - oversold bouncing off support level around $219 earlier today. Earnings today after the close. Assuming a beat today, targeting $232+ near term.
$PANW hasn't gone anywhere since the start of 2016. It has been consolidating making a triangle in the process. If it breaks above the downtrend line over the next few weeks we can see it go much higher. Above $155 is where the jet propulsion starts. If so it could easily see $200 in the year 2018.
If PANW decides to bounce from here without retracing to 102 ish (61.8% fib of the entire up move), It can go trace up to the $120 level in the form of a deep crab harmonic pattern
PANW is forming a Butterfly harmonic pattern. The 1.272 XA extension perfectly aligns with the 61.8% fib retracement of the entire bullish move. Potential reversal zone is 102-101. PANW will gravitate towards 102-101 area first (That aligns with long term 61.8 fib) and then will bounce back to $116 and then 126 before earnings.
The price movements since July 2015 look corrective to me. So my preferred count is shown in the chart. I personally think the yellow area could be the potential end of correction. There might be a great opportunity with tight stops but need to see the price action first. Watch it closely. Btw, if I am right, the bottom should be in within March 2017.
Switched to the daily for this pattern. Looking at a cup and handle into earnings. After a breather this past year, cyber is becoming another hot topic with the election. Pay attention to this as the next 2 weeks go. Im a buyer on volume www.trendyprofits.com
After a triple top around $190 PANW dropped down to $110. Though PANW reported a loss for earnings on 2/25/16 they beat expectation and the stock rallied to the $152 resistance level. Since then price has created an almost perfect bull flag. If price continues to rally and defiantly break through the $152 resistance, I expect next stop to be in the $170area....
PANW was down 45% from highs due to market meltdown. Earnings may give a huge thrust and give bulls convincing about the growth story and take price above previous long term weekly support of 140 which was broken 3 weeks back.
3-10 In keeping with my theme today of using support to guide your entries? Much like PANW this issue is sporting a similar set up brewing. For those who like to buy stocks in uptrends pulling back to support? You need only ask one question. Where is it? Look no further than the green trend line. Should this issue tag those zones that is where you want to...
3-4 Well what do you know. A stock that 9 days ago every momo person on the planet just had to have out of fear of being left behind AFTER they have already been left behind (what else is new) is now finally pulling back and building a bull channel. The big question is how long will it build out and how deep will the pullback be if it indeed continues. Nobody...
10-27 Down 5? What do you expect in an extended market. The clues were there. Going into today this issue was closer to trend channel resistance and sporting a double top with a potential shake out high. I mean really, 88 to 108 in 9 days? How much more could one ask for in such a short period of time. This is "bulls make money, bears make money and pigs...
Bullish triangle breakout on improved volume, estimate first target along $96