CHKP breaks back above 100-day moving average
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
CHKP ended the week 1.48% higher at 112.64 after gaining $1.03 (0.92%) today, notably outperforming the Nasdaq 100 (-1.67%). Trading up to $1.75 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CHKP as at Nov 09, 2018):
Friday's trading range has been $3.71 (3.35%), that's above the last trading month's daily average range of $2.83. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CHKP.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on October 31st, CHKP gained 0.34% on the following trading day.
The market managed to close back above the 100-day moving average at 111.99. Prices are trading close to the key technical resistance level at 114.58 (R1).
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the nearby swing high at 113.47 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S2" stand out. Its common bullish interpretation has been confirmed for Check Point. Out of 14 times, CHKP closed higher 57.14% of the time on the next trading day after the market condition occurred.