Software Leaders Experiencing Issues With Round Numbers:
We get into the problems with the IGV later in this note a bit, but some of the more well know names in the group are dealing with round figures, that may halt their progress, or they may just pause there before resuming their uptrends. PANW is acting a bit skittish at the moment as it approaches 400, where the stock was rejected back on 2/19 (was above intraday that session but CLOSED below 397). ESTC is having a tug of war at the 150 number, as is fellow European name SAP. Give the latter name credit for being fractionally higher this week so far after the prior week jumped by 4.5%. DOCU came within a sniff of touching 300 Monday before reversing to CLOSE 10 handles off intraday highs. Out of all the aforementioned names, the chart below of ADBE seems best as it has CLOSED above the round 600 numbers the last 5 sessions, with all 5 being under 600 intraday.