Palo Alto Stands Tall Following Growth SelloffGrowth stocks just had one of their worst months in years. But one high-multiple software company has held its ground better than most: cybersecurity provider Palo Alto Networks.
Consider how stocks like Nvidia, Tesla and Microsoft crumbled under their 200-day simple moving averages (SMAs) at some point in January. Then notice how PANW remained firmly above that line.
Next is the smooth and orderly pullback. That produced a descending channel / bullish flag. Traders may now watch the upper line for a potential breakout.
Third, PANW held $460 last week. That’s near the bottom of its range running back to the summer.
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