Don't Ignore This Chart!

Do Cyber Security Hackers Pull Back? HACK Suffers A Pull Back

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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. 

Good trading,
Greg Schnell, CMT

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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