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PANW at 378.69
The chart is suggesting we might see a move lower as the stock is testing a rising 50dma, but 10/20 moving averages are crossing down. If the 50d moving average does not hold, we can see a move down to 350 or so.
I’m going with a risk defined strategy, put debit spread and will only risk what I am willing to lose.
There’s also earnings coming up and this could play into my hand, if the stock gets cooked after the event.
Chart:
Order Ticket:
PANW at 369.32
This trade is showing a +25% gain in 1 day and IMO this is a good spot to scale out or close out. Ideally, we want to sell enough spreads to remove all of the risk in this trade and hold through earnings.
Risk Profile:
Order Ticket:
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