CHKP dominated by bulls lifting the market higher throughout the day
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for Jul 15, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CHKP finished Wednesday at 120.38 gaining $2.00 (1.69%), strongly outperforming the Nasdaq 100 (0.11%). Today's close at 120.38 marks the highest recorded closing price since April 30, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 118.67, Check Point confirmed its breakout through the prior session high after trading up to $2.21 above it intraday.
Daily Candlestick Chart (CHKP as at Jul 15, 2020):
Wednesday's trading range has been $2.57 (2.17%), that's slightly below the last trading month's daily average range of $2.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CHKP.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 122.78 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Check Point. Out of 59 times, CHKP closed higher 55.93% of the time on the next trading day after the market condition occurred.