Palo Alto Powers Up

Shares of Palo Alto Networks (PANW) have been on a hot streak lately. On May 15 the stock quickly reversed after reaching a new three-month low. Since that bottom, PANW has rebounded nicely, and with a midday 3.7% gain to $69.47, the stock is now up just shy of 20% during a seven-day winning streak. The trendline breakout on Thursday has set shares up well for a continued bull run.

Adding a jolt to the current rally is an upgrade from Nomura, which raised the stock to "Buy" from "Neutral." The positive comments sparked a gap-higher open that lifted the stock back up to its early May high. PANW dipped back to fill the breakout gap before recovering and at midday and is stabilizing near its May 1 peak of $69. Upside trade, which has remained well below average since mid-April, is beginning to pick up pace. A print today above the 50-day average volume level would certainly improve the bullish picture that has been developing since the mid-May low....264 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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