NASDAQ:CYBR   CyberArk Software Ltd.
Complicated head and shoulders with an extra right shoulder.
If this breaks down with a downtrend, possible stop above neckline.

Price is dangling below the neckline with a red spinning top and trying to hold on. The neckline is a strong source of support until broken with a downtrend. The pattern is not valid until the neckline is broken with a downtrend and I have seen some securities barely break and come back over it and resume an uptrend again. Other securities may flirt with the neckline but fail to break it at that time and can bounce off the neckline and resume another uptrend..

To place the neckline, the first step is to locate the left shoulder, head, and right shoulder on the chart. In the standard head and shoulders pattern (market top), we connect the low after the left shoulder with the low created after the head. The neckline is often not a straight line. It can slope and often does. The neckline is involved in setting targets and the bullish inverse head and shoulders also has a neckline, but the goal is to break up through the neckline with an uptrend and is opposite of a head and shoulders top.

Some would measure the distance from the second peak (head) to the neckline. You can use the magnet to project this line down from the neckline and get a guesstimate of where price may go. Price does not always fall this far, and can sometimes fall more. This would be an approximate 100% fall mark, but lesser and greater fib levels can be associated with the fall. The pattern is not valid until a downtrend occurs after the break of the neckline so there are 2 conditions that must be met to validify this pattern. A break of neckline has occurred. There is Not a confirmed downtrend.
Price is below the bottom Bollinger band set on an 80 SMA. This can be considered bearish by many, but sometimes there will be a snap back to the inside of the bands. Price below the bands is associated with oversold status and CYBR is oversold on daily RSI. Securities can remain oversold or hang out down there for extended periods of time, especially if there is a lot of supply at that level.

Targets 1 are in larger orange type and targets 2, if met, are in smaller orange type.

Short interest is 4.96% with 5.2 days to cover. Short interest increased 11% on the last trading day.

No recommendation.

A chart is just an XRAY of supply and demand.

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