An inverted head-and-shoulder pattern forms when a stock makes a low, a lower low and then a higher low. It suggests the reversal of a downward trend that should generate more upward momentum.
"From a fundamental perspective, [we] certainly like the upgrade from Loop today but got to really give the hat tip to Rob Owens here at Piper Sandler who upgraded the stock on March 22 with a $280 target," Johnson said. "So, good-looking stock, breaking out, I'd be buying the breakout here at Palo Alto ahead of the quarter."
Steve Chiavarone, portfolio manager at Federated Hermes, sees several tailwinds for the entire cloud space that keeps him bullish on the group.
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