Don't Ignore This Chart

Palo Alto Networks Closes On A New High


Palo Alto Networks (PANW) has been climbing nicely off a huge gap down on earnings in late February 2017. Unfortunately for the investor it has been a round trip back to the beginning. On Tuesday's weak overall tape where the Dow was down 250, PANW pushed up to close at a new high. That's bullish. 

This year, PANW will be reporting earnings on Monday, February 26th, 2018 which is only a few days away.

While the earnings a year ago were a bomb, the price action here looks strong. To keep the risk out of the trade, it might be better to wait for Monday's earnings. While that might miss a gap up, it might also miss a gap down. I plan to keep it on the radar for next week. It looks timely.

Good trading,
Greg Schnell, CMT, MFTA.

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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