Palo Alto Networks Stock Drops 3.6% With RSI in Oversold Territory

Palo Alto Networks shares fell 3.60% in a Saturday, Nov. 7 snapshot, with its 14-period RSI in oversold territory and the stock below its seven-, 20- and 50-day moving averages.

The snapshot listed PANW at $314.56, near the lower Bollinger Band at $310.06. The stock was above immediate support at $307.35 but below the $320.49 pivot.

PANW was below its seven-day simple moving average (SMA) of $337.27, 20-day SMA of $358.56 and 50-day SMA of $376.31. It was also below its 12-day exponential moving average (EMA) of $344.22 and 26-day EMA of $358.37. The RSI reading was 29.44. An oversold reading does not by itself show that selling pressure has ended.

Other momentum readings were also low: the Stochastic oscillator’s %K was 5.38 and %D was 4.31. The moving average convergence divergence (MACD) was -14.1565, with its histogram near zero. The 14-day average true range (ATR), a measure of price movement, was $19.58.

The listed levels put stronger support at $300.13, below immediate support at $307.35. Resistance was $327.71, followed by stronger resistance at $340.85. The stock’s snapshot price was below the pivot and both resistance levels.

On Binance Futures, funding was 0.0000% and open interest was 1,153.05 contracts, down 0.86% over 24 hours, with a daily open-interest value of $370,393. At 5 a.m. ET (10:00 UTC) Saturday, global accounts were 56.5% long and top-trader accounts were 59.9% long. Those figures describe Binance Futures account groups, not overall shareholder positioning. The taker buy/sell ratio was 0.1827, with buy volume of 1 and sell volume of 6.

Wedbush kept Palo Alto Networks on its Best Ideas List on Friday, Nov. 6, with an Outperform rating and a $400 price target.