CHKP finds buyers at key support level
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for May 17, 2018
Moving lower for the 4th day in a row, CHKP ended Thursday at 95.96 losing $0.44 (-0.46%). Today's closing price of 95.96 marks the lowest close since April 27th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CHKP as at May 17, 2018):
Thursday's trading range was $1.66 (1.72%), that's slightly below last trading month's daily average range of $1.94. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 95.03 during the day, the market bounced off the key support level at 95.35. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 93.76, downside momentum could speed up should Check Point break out to new lows for the year.