CYBR closes within previous day's range
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
CYBR ended the month 18.71% higher at 117.84 after losing $0.64 (-0.54%) today, strongly underperforming the S&P 500 (0.77%). 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 Jul 31, 2020):
Friday's trading range has been $3.44 (2.9%), that's slightly below the last trading month's daily average range of $4.01. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CYBR.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 119.35 (R1). After having been unable to move above 119.35 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 118.80. The last time this happened on July 23rd, CYBR lost -2.85% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 119.35 where further buy stops could get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for CyberArk Software. Out of 472 times, CYBR closed higher 56.57% 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 56.99% with an average market move of 0.84%.