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Cyberark Software (CYBR) Testing a Key Support Around $110

Cyberark Software $CYBR has been in correction after failing to reach $150. 

CYBR Daily Chart

(click to enlarge)

Bearish Correction:
- The bearish correction has dragged price from just above $148 to $110.
- Note that price broke below a key support at $120, and then it turned into resistance. This is a bearish sign. 
- But price has already made a lower low after that bearish signal, so we should probably not put too much weight on this bearish signal (because the bearish swing could have already materialized).
- At $110, price is testing the 200-day simple moving average (SMA).
- Furthermore, the RSI is showing a bullish divergence with price. 
- This is a classic buy signal because the prevailing trend is bullish.
- However, overall market sentiment could be a drag and could become a more significant price driver.
- A break below $110 would suggest further downside towards $90-$100 area.

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