Technical Analyst, Saxo Bank Group
CrowdStrike CRWD is opening approx. 22% after earnings release just around the 1.382 projection of the February correction at 363.39
If closing above previous all-time high at 338.45 PANW will have cancelled the top and reversal pattern it had formed on the weekly chart.
That will give CRWD short- to medium-term upside potential to 378-404
Palo Alto Networks PANW has been struggling since its earnings release 20th February. After an initial sell-off down to the 200 DMA is has enjoyed a nice bounce but sellers are again back in control.
A close below 282 is likely to fuel another sell-off down to 261.74 support. However, it could drop lower to the strong support at around 233.80
For PANW to establish an uptrend a close above 327.57 is needed. If that scenario plays out it needs to close the gap up to 359.12. That could be a struggle with the strong resistance area 318-327 2024: The wasted year
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Markets are driven by election optimism, overshadowing growing debt and liquidity concerns. The 2024 elections loom large, but economic fundamentals and debt issues warrant cautious investment.
As US economic slowdown hints at a shift away from exceptionalism, USD faces downside with looming Fed cuts. AUD and NZD set to outperform as their rate cuts lag. JPY gains on carry unwind bets and BOJ pivot.
Amid AI and obesity drug excitement, equities see varied prospects: neutral on overvalued US stocks, negative on Japan due to JPY risks, positive on Europe. European defence stocks gain appeal.
With the economic slowdown, quality assets will gain favour, especially sovereign bonds up to 5 years. Central banks' potential rate cuts in Q2 suggest extending duration, despite policy and inflation concerns.
Commodities poised for rebound. The "Year of the Metal" boosts gold and silver, copper awaits rate cuts. Grains may recover, natural gas stabilises. Gold targets $2,300-$2,500/oz, copper's breakout could signal growth.
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