Cyber security is one of the fastest growing segments within the IT community. Recently, an ETF launched to help investors invest in a broad array of cyber security technologies. The cyber security ETF ticker symbol is HACK.
Even though February was a short month, this ETF moved up 20% within the month. After the initial surge in February, HACK pulled back to support around $27.50. With a bounce in mid-March and a new retracement to a lower level this might need more time to find support. We now have a down trend defined by lower lows and lower highs. However, the cyber hackers don't take a break. This looks like a good time to put this on a watch list and watch for an entry that suits your style. The initial support level around $25 is 10% lower from here. While this is a very volatile industry to invest in, the trend in cyber hacking is always rising. A tough day in the market overall, but these can create opportunities over the next few weeks for patient investors.
Greg Schnell, CMT