CYBR closes within previous day's range
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
CYBR ended the week -5.96% lower at 69.80 after gaining $2.10 (3.1%) today, strongly outperforming the S&P 500 (1.42%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CYBR as at Oct 12, 2018):
Friday's trading range has been $2.15 (3.1%), that's slightly below the last trading month's daily average range of $2.53. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for CYBR.
One bullish candlestick pattern matches today's price action, the Morning Doji Star.
The market managed to break above the 100-day moving average at 68.55 today. When this moving average was crossed above the last time on February 9th, CYBR actually lost -1.11% on the following trading day.
Though the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for CyberArk. Out of 50 times, CYBR closed lower 54.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 66.00% with an average market move of -0.42%.