NEW YORK (TheStreet) -- A stock that bucks a broader market decline is often sending a bullish signal. And CyberArk Software (CYBR - Get Report) was up 1.5% in Monday's decidedly negative session.

The cybersecurity company went public exactly one year ago and rallied 200% to its June 2015 high. A break below the rising 50-day moving average later that month was followed by a period of horizontal channel consolidation, and a break below that pattern support in August saw the stock give back about 45% of its early gain. It has been able to move off last month's low and return to retest the channel support-now-resistance level, forming a rising triangle pattern in the process. The key $55 resistance level is now being reinforced by the intersection of the 50- and 200-day averages.

The technical indicators are turning positive. Moving average convergence/divergence has made a bullish crossover, and the relative strength index is above both its 21-period signal average and centerline. These indicators are reflecting positive price and an improving short-term trend. The money flow index below the volume bars, a volume-weighted relative strength measure, is tracking above its centerline and indicating positive money flow.

The price action on Monday formed a bullish hammer candle, despite the bearish tidal pull of the broader market, and technical indications are the stock wants to break out of the rising triangle pattern.

Aggressive traders could look to enter long positions in CyberArk at its current level with a firm percentage stop under the rising trend line drawn off the August and September lows. A more conservative play would be to wait for a close above horizontal resistance with a trailing percentage stop.

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Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.