CYBR finds buyers around 139.71 for the third day in a row
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CYBR finished the week 0.29% higher at 140.41 after edging higher $0.26 (0.19%) today, strongly outperforming the S&P 500 (-0.9%). Trading $1.42 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CYBR as at Jan 24, 2020):
Friday's trading range has been $3.28 (2.32%), that's slightly below the last trading month's daily average range of $3.70. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CYBR. Prices continued to consolidate within a tight trading range between 138.20 and 142.99 where it has been caught now for the whole last trading week.
CyberArk Software found buyers again today around 139.71 for the third trading day in a row after having found demand at 139.22 in the previous session and at 139.45 two days ago. The last time this happened on October 30, 2019, CYBR actually lost -2.28% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 139.22 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for CyberArk Software. Out of 294 times, CYBR closed higher 48.98% 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 48.64% with an average market move of 17.79%.