CYBR finds buyers again around 113.00
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Jul 27, 2020 | by Techniquant Editorial Team
CYBR ended Monday at 114.43 gaining $0.91 (0.8%), slightly outperforming the S&P 500 (0.74%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CYBR as at Jul 27, 2020):
Monday's trading range has been $1.96 (1.71%), that's far below the last trading month's daily average range of $3.99. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CYBR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 117.41 (R1). After having been unable to move lower than 112.53 in the previous session, the share found buyers again around the same price level today at 113.00. The last time this happened on July 23rd, CYBR actually lost -2.85% 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 nearby swing low at 112.53 where further sell stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for CyberArk Software. Out of 437 times, CYBR closed higher 53.55% 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 55.15% with an average market move of 1.76%.