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PANW Is this bank stock reversing or a correction?
PANW Is this bank stock reversing or a correction?
By AwesomeAvani
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Updated
May 9, 2023
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May 7, 2023
PANW as a stressed back stock has been trending down. However as seen with the regional
banks at large ( KRE as an example ) the bear market had a bullish rally the past couple of
trading days. So, is this a reversal to trade or merely a pullback of the trend down good for
a short entry? On the 15 minute chart price has ascended to outside the Fibonacci bands
(EMA 42 2.618 bands) where mean reversion may soon apply. The fisher transform lines are
approaching the redline above where reversal is statistically likely. On the zero lag MACD,
the lines have crossed and are about to cross the zero line. Overall, the chart suggests to be
that PANW and perhaps the regional banks in general are merely taking a break from the trend
down. I see this as an entry opportunity to join the continuation of the trend and will take
a short position.
May 9, 2023
Comment
PACW short shares paid well today as the price dropped 15% after the start of the trading week. Looking for more until a federal rescue,
May 9, 2023
Comment
Down trend continuation shorts are hedged in small part with calls on KRE.
banksshort
federalreserve
Fibonacci
KRE
Moving Averages
Oscillators
PANW
recession
zerolagmacd
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