Don't Ignore This Chart

Cybersecurity ETF (CIBR) Breaks Out To New Highs

 | 

The cybersecurity ETF (CIBR) broke out to new highs late last week. The chart shows a couple of downtrends also breaking. In this vertical market where everything is up, a stock that consolidates sideways for any length of time looks pretty weak. The SCTR has a downtrend line that looks to be breaking. An SCTR above 50 would mark new 4-month highs. 

The relative strength downtrend also broke so there might be more to this breakout. The move to new highs on the price chart after a consolidation sideways since March is very bullish. 


The volume is a little light on average, but the Monday volume really started to break trend. The ETF looks good here with a stop just below the $22.25 level. 

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
Subscribe to Don't Ignore This Chart to be notified whenever a new post is added to this blog!
comments powered by Disqus