CYBR breaks back above 20-day moving average
CyberArk Software Ltd. (CYBR) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
CYBR ended Wednesday at 115.06 gaining $2.91 (2.59%) on high volume, notably outperforming the S&P 500 (0.64%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CYBR as at Aug 05, 2020):
Wednesday's trading range has been $4.27 (3.8%), that's slightly above the last trading month's daily average range of $4.22. Weekly volatility is also higher, being slightly above 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 prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 30th, CYBR actually lost -0.54% on the following trading day.
The stock managed to close back above the 20-day moving average at 113.26.
Though the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the three 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 80 times, CYBR closed higher 60.00% 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 60.00% with an average market move of 1.50%.