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Palo Alto Networks (PANW) Just Reclaimed the 200-Day Moving Average
After reaching an important support level, Palo Alto Networks (PANW - Free Report) could be a good stock pick from a technical perspective. PANW surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Over the past four weeks, PANW has gained 8.9%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account PANW's positive earnings estimate revisions. There have been 13 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting PANW on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.