CYBR finds buyers again around 112.98
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Jul 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CYBR finished Thursday at 118.48 gaining $2.60 (2.24%), notably outperforming the S&P 500 (-0.38%). Today's close at 118.48 marks the highest recorded closing price since February 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 116.52, CyberArk Software confirmed its breakout through the prior session high after trading up to $2.83 above it intraday.
Daily Candlestick Chart (CYBR as at Jul 30, 2020):
Thursday's trading range has been $6.37 (5.59%), that's far above the last trading month's daily average range of $3.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CYBR.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 117.41 (now S1), which is likely to act as support going forward. The last time this happened on July 20th, CYBR actually lost -0.54% on the following trading day. After having been unable to move lower than 112.50 in the previous session, the market found buyers again around the same price level today at 112.98.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 120.50 where further buy stops could get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for CyberArk Software. Out of 471 times, CYBR closed higher 56.69% 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 56.90% with an average market move of 0.83%.