$PANW has been in a “Go” trend since mid April.
Since then we have seen a series of higher highs and higher lows as price has climbed over $300. After the last higher high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term due to waning momentum. Indeed, we saw GoNoGo Trend paint a series of weaker aqua bars as price fell from the high. During this time, GoNoGo Oscillator fell to test the zero line from above and it found support several times. After breaking out of a GoNoGo Squeeze into positive territory it quickly retested the zero level twice. This clustering of Go Trend Continuation Icons (green circles) tells us that momentum remains on the side of the “Go” trend. With momentum therefore resurgent in the direction of the “Go” trend we will watch to see if price can climb above the overhead resistance we see on the chart in the coming days.
