CHKP is one of the few stocks that has breached its previous all-time high, corrected mildly and then resumed the uptrend to new higher highs. The stock has a mixture of retail traders, pro traders and mild Dark Pool accumulation at times. The momentum will stall intermittently with profit taking from professionals.
An intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
CHKP broke out of trendline resistance, RSI b/o, MACD crossed over zero line bullish, Vortex Indicator crossed over indicating possible trend reversal. Close up of price action on chart below. Resistance likely in 105 area, bottom of gap above at 110 area. Two possible options trades shown on chart, depending on taste and whether or not you want to play the ER,...
Check Point Software Technologies Ltd (NASDAQ: CHKP) is certainly giving signs for Loss Of Momentum at the top as per TTC Breakdown Formation.
The Low of 115.14 is very critical for now to hold the breakdown. If price manages to sustain below this Critical TTC Zone, we can see a heavy selling in the markets.
For Short-term targets, Trader should eye on 112 Zone....
CHKP reversing a bit after it gapped up into all time news highs following better than expected earnings. fibo levels .5 or .61 would be a decent level that I would consider to add to my exisiting position.
expecting prices considerably above 100 if market stays strong. max stop remains pivot level