Stock quotes in this article: PANW
Let’s check the charts again.
In this weekly Japanese candlestick chart from PANW, below, we see a bullish picture. Prices made new highs with no upper shadow in the most recent candle. Prices are firmly above the rising 40-week moving average. The weekly OBV line is showing a long upside, so I’m not worried that the line hasn’t yet reached a new high to confirm the price action. The MACD oscillator has just moved upwards for a new outright buy signal.
In this daily dot-and-digit chart from PANW, below, we can see an upward price target of $844.
In this weekly Point and Figure chart, we can see an upward price target of $852.
Basic strategy: You must be impressed when a title shows independent strength. Traders should wait for a pullback closer to $575 before buying. Risk at $540.
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