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PANW: Bearish long term trend. Heyday over
Palo Alto Networks (PANW) hit a high back in 2015 and has fallen since.
It breaks kumo support towards end of 2015 and hardly break above the kumo resistance in 2016.
Some are looking at the proverbial $100 as a support forming a good base.
However, if we look at the recent chart back in 2016, it seems like the downtrend will continue.
Kumo resistance ahead with no change in sign on the trend yet.
Should we take a long position, we will need to see it break above the kumo resistance.
For now, maintain a Short position.
It breaks kumo support towards end of 2015 and hardly break above the kumo resistance in 2016.
Some are looking at the proverbial $100 as a support forming a good base.
However, if we look at the recent chart back in 2016, it seems like the downtrend will continue.
Kumo resistance ahead with no change in sign on the trend yet.
Should we take a long position, we will need to see it break above the kumo resistance.
For now, maintain a Short position.
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