Technical Update - Cybersecurity stocks under pressure. Can they make a come back ? Technical Update - Cybersecurity stocks under pressure. Can they make a come back ? Technical Update - Cybersecurity stocks under pressure. Can they make a come back ?

Technical Update - Cybersecurity stocks under pressure. Can they make a come back ?

Equities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Cybersecurity stocks have enjoyed strong uptrend since early 2023, with few exeptions and laggers
Corrections have hit in February/March putting the medium-term bullish picture under pressure. 

In this analysis: 

Cybersecurity ETF CIBR The technical picture for the biggest cybersecurity ETF's CIBR is explained in details in this analysis. 
In addition to that, six of the biggest cybersecurity stocks are covered in the analysis with
key support and resistance only. Reason being that the technical picture for each stock is almost similar to the CIBR ETF

Please also check out our Cybersecurity theme on SaxoTrader:

  • Check Point Software
  • Cloudflare
  • CrowdStrike
  • Fortinet
  • Palantir Tech
  • Palo Alto Networks

Cyber Security ETF First Trust Nasdaq Cybersecurity CIBR
CIBR is in a short-term corrective downtrend but has recently formed a bottom and reversal pattern (circled) around minor support at 52.45, suggesting the correction may be over.

However, for now the downtrend is intact, and a daily close below 52.45 will most likely fuel another sell-off down to around 50. The strength indicator, RSI, is currently showing negative sentiment with no divergence, suggesting CIBR could drop lower.

On the weekly chart, CIBR is in a medium-term correction phase. The weekly RSI remains in positive sentiment with no divergence, indicating that CIBR is likely to resume its uptrend and move to previous highs and higher after the correction is over.

However, key support at 51.26 must hold. A close below this level will demolish the corrective scenario and turn it into a medium-term downtrend, with downside potential to around 47. The first indication of this bearish scenario possibly playing out would be a daily close below 52.45.

A daily close above 56.57 is required for CIBR to resume its uptrend with upside potential to 62.

cibr d 2604
Source all charts and data: Saxo Group
cibr w  2604

Check Point Software  Likely to drop to support at 151-147. RSI indicating lower levels. Needs to close above 161.95 to resume uptrend. 

chkp d 2604

Cloudflare After bullish gap early February Cloudflare ahs been sliding back below lower gap boundary at 90.31 and in to negative sentiment and trend.
90.31 is now a resistance level but Cloudflare needs to close back above 97.37 to confirm uptrend. A daily close above 90.31 could get buyers trying to push the stock up there

Medium-term Cloudflare has lagged other Cybersecurity stocks. Weekly RSI is bullish however, and if Cloudflare can get back above 97.37 a push higher towards 132 is in the cards.

cloud d 2604
CrowdStrike strong support at 282. A daily close below likely sell-off to 261.80 possibly down to 238.50
crwd d 2604

Fortinet A daily close below key support at 62.63 likely leading to a sell off down to 60-57 support area.
A daily close above 68.86 uptrend will be confirmed

ftnt d 2604

Palantir Tech key strong support at 20.30. Minor resistance at 22.30, a daily close above is likely to establish an uptrend that is confirmed by a daily close above 24.10

pltr d 2604

Palo Alto Networks key strong support at around 261.74, a daily close below is likely leading to a sell-off down to around 234.
A daily close above could be an indication of Palo Alto is building an uptrend.
An RSI close above 60 will confirm that scenario which could lift the stock to test the gap area 317.40

panw d 2604
Disclaimer: Author owns shares in Cloudflare


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.