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Check Point Software Technologies(CHKP - Get Report) develops technologies to communications and transactions over the Internet by enterprises and consumers. This stock is trading up 4% at $50.61 in recent trading.
Today's Volume: 2.4 million
Average Volume: 2.1 million
Volume % Change: 106%
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From a technical perspective, CHKP is bouncing perfectly off of some longer-term
support here at around $48 with heavy volume. This stock has plunged in the last two months from a high of $65 to a recent low of $48.06. During that sharp move lower, shares of CHKP have consistently made lower highs and lower lows, which is bearish technical price action. That said, CHKP might be setting up to form a double bottom if it can manage to hold around $48.06 to $47.79.
Traders should now look for long-biased trades as long as CHKP can sustain a trend above those levels with
strong upside volume flows. I would consider any upside volume day that registers near or above 2.1 million shares as bullish.
Keep in mind that if CHKP can manage to take out $54.15 to $55.12, then it will break the pattern of higher lows and print a higher high.