CYBR pushes through key technical resistance level
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Aug 03, 2020 | by Techniquant Editorial Team
CYBR ended Monday at 119.87 gaining $2.03 (1.72%) on high volume, outperforming the S&P 500 (0.72%) ahead of Tuesday's earnings report. Today's close at 119.87 marks the highest recorded closing price since February 21st. Closing above Friday's high at 118.80, CyberArk Software confirmed its breakout through the previous session high after trading up to $1.95 above it intraday.
Daily Candlestick Chart (CYBR as at Aug 03, 2020):
CYBR is set to report earnings before tomorrow's market open. For the upcoming report, analysts expect the company to have earned $0.26 per share. The company's last earnings report was released on May 13, 2020, when CyberArk Software Ltd. reported earnings of $0.5 per share topping market expectations by 35.1%.
Monday's trading range has been $2.40 (2.02%), that's 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 slightly lower than usual for CYBR.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 15th, CYBR actually gained 1.75% on the following trading day.
Buyers managed to take out the key technical resistance level at 119.35 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day before Earnings Report" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for CyberArk Software. Out of 23 times, CYBR closed higher 56.52% 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 65.22% with an average market move of 3.24%.