CHKP pops to highest close since April 17, 2019
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for Jul 20, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CHKP ended Monday at 124.79 surging $3.94 (3.26%), slightly outperforming the Nasdaq 100 (2.88%). Today's close at 124.79 marks the highest recorded closing price since April 17, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CHKP as at Jul 20, 2020):
Monday's trading range has been $3.97 (3.28%), that's above the last trading month's daily average range of $2.96. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly 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 July 15th, CHKP actually lost -0.96% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine 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 576 times, CHKP closed higher 51.91% 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 56.42% with an average market move of 0.47%.