Chart of the Day: Cybersecurity Remains Top of Mind for Most Companies
Recent earnings from some of the large players tell us the big spending will continue into the future.
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The First Trust NASDAQ Cybersecurity ETF CIBR has been in a solid uptrend since the middle of summer. A series of higher highs, higher lows on the chart is our textbook definition of an uptrend. Even the candles are showing bullishness, with blue and teal spread across the chart since mid September.
Recent earnings from some of the CIBR components were released and has put pressure on the group, but the CIBR remains resilient. The channel is bullish as shown, with a buy signal now on the money flow (bottom pane). We could be worried about a sell signal crossover on the MACD (moving average convergence/divergence) and stochastics (momentum), but then the lower end of the channel could be a nice buying opportunity.
A bounce from there would create another higher low on the chart, and a move back to the upper end of the channel could be a move to $70, an all-time high.
At the time of publication, TheStreet Pro Portfolio was long CIBR.
