Unfortunately TRLA just broke major support at 27.50. Next support is $24-$25. Not looking good for longs, although if it did reach those levels, there could be a pretty violent snap back. That would be the time to back up the truck, but for now the knife is still falling and hard.
AKAM now has to trade and hold above $45.50 to confirm the reversal and start the uptrend. Should then bring in more buyers and force more short covering.
JNPR is also lower. Apparently JNPR shareholders are nervous as well. Uncertainly usually means sell until the uncertainty is removed.
Short sellers are also piling on. They are desperate to find stocks that are at 52-week lows wanting to push them even lower, because shorting stocks pushing new highs doesn't work let alone the overall market. Weak stocks are vulnerable because weak hands panic and sell, just like stocks at new highs go higher because momentum drives them even higher.
This stock wants to test the 52-week low. Probably finds support there, but if it breaks, stops may kick in and send it into the low 50s. Great buy down there.
No news, bad news, any news, this stock continues to find it's way lower and lower. It's definitely a pile on. The only thing that can save this from an even bigger slide is an earnings or more importantly, a revenue beat and raise.
$46.50 was the 50 DMA and $45 is psychological support, the previous 52-week high prior to the recent run. $43 is a Fib level and $40 is another psychological even number support.
Do the shorts really want to stay short into Nov 15th and risk having this stock go to $50 if the ruling is in favor of Palo Alto? Really? Look what happened to Visa. Went from $200 to $170 and once the ruling was announced, went above $200.
I'm sure there will be some stubborn sellers that will look at this as another head fake and will sell into the strength. They just can't help themselves.
The whole internet security sector is getting sold today (CUDA, CHKP, FTNT). These stocks are like poison when they are out of favor but darlings when they are loved. Although they may be near the end of the downturn while the rest of the market is near all time highs. Maybe they will be a contrarian play or at least they should be.
Here come the sellers as expected, right on cue. Would be no surprise to see this negative on the day. What else is new for PANW.