CHKP climbs to highest close since February 12th
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for Jul 09, 2020 | by Techniquant Editorial Team
Moving higher for the 8th day in a row, CHKP finished Thursday at 118.73 surging $2.79 (2.41%) on high volume, significantly outperforming the Nasdaq 100 (0.82%). Today's close at 118.73 marks the highest recorded closing price since February 12th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 117.78, the stock confirmed its breakout through the previous session high after trading up to $1.48 above it intraday.
Daily Candlestick Chart (CHKP as at Jul 09, 2020):
Thursday's trading range has been $3.07 (2.64%), that's slightly above the last trading month's daily average range of $2.79. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher 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 Tuesday, CHKP gained 0.05% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 108.66.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 119.67, upside momentum could speed up should Check Point be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Check Point. Out of 577 times, CHKP closed higher 51.99% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.67% with an average market move of 0.44%.