Long

$PANW – Looks like it may have bottomed

Updated

This cybersecurity leader got beat-up on the last earnings report. It looks to me that it may have bottomed out. On this weekly chart (the week is still young) it is in the process of setting up as an inside week. It is regaining the 40 Week MA which I view as important. Additionally, the volume has been declining since the big sell-off. I take that to mean that the selling pressure is over or about over. I am going to be patient with this one and look for it to close above that 40-week MA. If it does, I will look at a lower timeframe chart for a good entry where I can find a good risk reward entry.

For now, it is on my watchlist as a B+ set-up in the making.

The chart I am using is the All-In-One LevelUp tool available here on TV. Check it out.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

Trade active

I have opened a 1/3 size position in this morning. I have a stop in the machine just under today's low. I am a day early on the trade so lets see how it goes.

Note

I just brought up to a full sized position as it continues its slow climb. Same stop for entire position.

Note

holding up well in this tape. I am keeping a close eye on it. If it turns bearish with the rest of the market I will close it out and look to re-enter at another time.

Trade closed manually

simply cannot fight the market trend. I'm out and back on the watch list. In fact, I am now flat the market in my trading account. Too much chop.

jaxdog

Ideas I publish are my own. They are not meant to be investment / trading advice. You are encouraged to do your own due diligence.

I may or may not take any trade published and I am under no obligation to post any action or update to any idea.

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.