CHKP fails to close above 100-day moving average
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
CHKP ended Monday at 102.94 gaining $0.39 (0.38%). Today's closing price of 102.94 marks the highest close since March 21st. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Daily Candlestick Chart (CHKP as at Apr 16, 2018):
Monday's trading range was $1.90 (1.86%), that's slightly below last trading month's daily average range of $1.96. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 101.79 and 104.05 which it has been in now for the last three days.
Prices are trading close to a key support level at 101.51. Unable to break through the key technical resistance level at 102.97, Check Point closed below it after spiking as high as 104.05 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 101.98 in the prior session, the market found buyers again around the same price level today at 102.15. After spiking up to 104.05 during the day, the stock found resistance at the 100-day moving average at 103.11.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.