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Cyberark Software (CYBR) in a Key Break

Recently, I noted that Cyberark Software $CYBR looked bearish because it respected some key resistance factors. The RSI holding under 60 was also key. However, a week later, price action has negated some of these bearish signs, and we have to start considering a potential bullish breakout in CYBR.

CYBR Weekly Chart

(click to enlarge)

Triangle Support to Resistance:
- The weekly chart shows that price has been essentially consolidating a triangle.
- However, the fact that price found resistance at $47.90 at the end of 2017 suggested bearish bias. Also note that the RSI held under 60, which suggested maintenance of the prevailing bearish momentum.
- Price holding under $44.00 in 2018 also suggested bears were in charge.
Bullish Push:
- Last week, price broke above $44 and cracked the $47.90 resistance.
- The weekly RSI also broke above 60. 
- These are signs that the bearish grip on CYBR is loosening up.
- It will be interesting to see if CYBR can break $50. 
- A break above $50 opens up the $58-$60 area and establishes a bullish outlook that has long-term upside back towards the all-time-high around $76.