Saturday, June 3, 2023

Check Point Software Showing Relative Strength


Shares of Check Point Software Technologies (NASDAQ:) have been trading inside its April range since the April 26 . This narrowing action has been capped by the stock’s 200-day moving average. At present CHKP remains range bound but is showing some relative strength. While the put in a lower low during this morning flush, CHKP returned to green in the early going and is working on a higher low.

CHKP is tracing out a fourth straight higher monthly low despite overhead pressure from the 200-day moving average. This pattern is very similar to the action back in April/May/June of last year that preceded a powerful breakout in early July. A key upside hurdle for CHKP is the $122.00 area. Once past, the stock will have cleared both the April and June highs. On the downside, a close back below $115.00 would violate the July lows, sending a clear warning sign that more base building will be needed before a fresh rally leg can develop.

Note: We have no position.

You can ready Gary S. Morrow’s original post here.

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