Check Point Software Technologies Ltd. Stock Forecast
Check Point Software Technologies Ltd. stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on Apr 19, 2024)
The Check Point Software Technologies Ltd. stock price fell by -0.271% on the last day (Friday, 19th Apr 2024) from $158.38 to $157.95. During the last trading day the stock fluctuated 0.87% from a day low at $157.30 to a day high of $158.68. The price has fallen in 7 of the last 10 days and is down by -3.92% for this period. Volume has increased on the last day by 53 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 660 thousand shares were bought and sold for approximately $104.17 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $156.40 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Check Point Software Technologies Ltd. stock with a 90% probability to be traded between $158.60 and $169.69 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CHKP Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.733%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Check Point Software Technologies Ltd. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $159.10 and $162.40. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Check Point Software Technologies Ltd. stock
Check Point Software Technologies Ltd. finds support from accumulated volume at $157.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.38 between high and low, or 0.87%. For the last week the stock has had daily average volatility of 1.78%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHKP) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Check Point Software Technologies Ltd. to open at $157.98, and during the day (based on 14 day Average True Range), to move between $155.22 and $160.68, which gives a possible trading interval of +/-$2.73 (+/-1.73%) up or down from last closing price. If Check Point Software Technologies Ltd. takes out the full calculated possible swing range there will be an estimated 3.46% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $157.75 (0.13%) than the resistance at $160.80 (1.80%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Check Point Software Technologies Ltd. will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $2.01. We will update the financials statements for Check Point Software Technologies Ltd., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.82% in the first trading day after earnings release.
Is Check Point Software Technologies Ltd. stock A Buy?
Check Point Software Technologies Ltd. holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -1.079 Sell Candidate Downgraded
Predicted Opening Price for Check Point Software Technologies Ltd. of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $157.98 ( 0.0158%) | $157.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHKP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 159.35 | 0.89 % | |
| R2 | 158.82 | 0.554 % | ||
| R1 | 158.50 | 0.348 % | ||
| Current price: | 157.95 | |||
| Support | S1 | 157.45 | -0.317 % | |
| S2 | 157.13 | -0.522 % | ||
| S3 | 156.60 | -0.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 163.47 | 3.49 % | |
| R2 | 162.45 | 2.85 % | ||
| R1 | 160.80 | 1.80 % | ||
| Current price | 157.95 | |||
| Support | S1 | 157.75 | -0.127% | |
| S2 | 156.39 | -0.99% | ||
| S3 | 154.87 | -1.95% |
FAQ
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