PANW is downtrending since last Earnings. The ER results and the guidance were good but still the stock was beaten down most probably due to Profit taking.
In an attempt to predict the bottom in this downtrend, i have drawn here 2 Fibonacci Levels.
1. Major Trend -- Fibonacci Retracement from March Lows upto August High, This shows 0.236 level at 239s and 0.382...
FSLY is finding support at 76 - 78 level so far.
ER is on Aug 5th. Looks like it is going to trade sideways all the way upto ER, assuming 76/78 support still holds good.
As of 07/24 Close, Microsoft NASDAQ:MSFT was trading at 201.30 and exactly sitting on the Trend line.
If it breaks down (Below 201/200), Can find support at 197 (Fib level 0). Or if worsens, can downtrend for few days to weeks.
On a positive note, If bounces back by next week and recovers above 204 (Fib level 0.382), then can get back into Uptrend and can...
Trend line suggests the drop to continue all the way upto 2900 level and a clean and strong recovery there onwards bsck to 3200+. With earnings coming up next week and since AMZN expected to beat the estimates, the recovery can start from next week.
