CYBR pushes through Thursday's high
CyberArk Software Ltd. (CYBR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
CYBR finished the week 5.0% higher at 100.32 after gaining $3.08 (3.17%) today, notably outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $1.19 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 14th, CYBR actually lost -2.27% on the following trading day. Closing above Thursday's high at 98.98, CyberArk Software confirmed its breakout through the prior session high after trading up to $1.97 above it intraday.
Daily Candlestick Chart (CYBR as at May 22, 2020):
Friday's trading range has been $3.45 (3.5%), that's slightly below the last trading month's daily average range of $4.19. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CYBR.
The share managed to close back above the 20-day moving average at 100.03 for the first time since May 12th.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might accelerate should prices move below the nearby swing low at 96.07 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for CyberArk Software. Out of 77 times, CYBR closed higher 59.74% 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 58.44% with an average market move of 1.39%.