Palo Alto Networks Stock Could Rally
| Feb 28, 2022 06:09AM ET
When we look at the Palo Alto Networks (NASDAQ:PANW) chart, we see its rise from the $480 level to the $510 range during last week, but then the slow-paced retraction back towards the $460 range where support was formed.
Then followed a big spike on Feb. 25, rising from the support and breaking through the resistance previously formed at the $510 level, and rallying well into the $560 range.
This reaction was mainly due to increased interest by investors for cybersecurity-related companies, as cyber warfare concerns related to the Russian invasion heightened.
It was last found trading at the $569 range after an impressive run and a strong close on Friday’s session, having the closest support level at $510.
Today we can expect a move towards the $600 price level. If, however, it doesn’t manage to hold on to the current level, then a move close to the $515 support can be expected.
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