Chart of the Day: Nothing Wrong With Cybersecurity Names
The CIBR ETF continues to perform well as its components make new highs.
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There's been a nice, steady run for the First Trust NASDAQ Cybersecurity ETF (CIBR) , with a series of higher highs and higher lows, which is our textbook definition of an uptrend. Moreover, the indicators are starting to turn back up, which tells us not only is the momentum returning to CIBR but also bullish volume trends.
Some of the components in this ETF include Broadcom (AVGO) , Cisco Systems (CSCO) , Palo Alto Networks (PANW) , CrowdStrike (CRWD) and Fortinet (FTNT) . These are some of the biggest names in the world of cybersecurity and dominate the landscape. For years, these firms have helped to nab the "bad actors" in cyberspace, hence the need for high security by companies that need protection.
There is no reason for this group to let up, and the chart would tell you this much. With blue candles in the top chart the bulls retain control (part of the GoNoGo composite of indicators). We look for a move above $78 as the launching pad to $90 and above.
We like CIBR in TheStreet Pro Portfolio and rate it a Two, or "stockpile on pullbacks."
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At the time of publication, TheStreet Pro Portfolio was long CIBR.
