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

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.