New Issues (IPOs): Tufin Software Technologies Ltd. [NYSE: TUFN] has been outperforming the market by a huge margin since I last wrote about on April 18, 2019 when it was trading at $22.16. In that article titled, “Tufin Software Technologies (TUFN) Continues to Show Strength in the Market“, I highlighted the recent bullish IPO of TUFN. Since then, TUFN has traded from $22.16 to a high of $31.04 last week which was a 40% potential gain. However, it has since corrected to trade at $26.17 on Friday’s close.
After such an intense rally, profit taking is always a probability. Nonetheless, even with this correction, TUFN is showing signs of a possible bullish reversal. On Friday’s close, the company formed a bottom around $26 a few times on the 5 minute chart, after bouncing off this price level in the day. As such, this will be a key level to watch in the day. If it holds, TUFN could start the week with potential bullish reversal.
On Friday, TUFN was named a winner in the 15th annual info security PG’s global excellence awards. The company was named the gold winner in the policy and user management category. It was also declared a silver winner in the cybersecurity vendor category and it carried bronze in the security automation category. These awards are a big deal for TUFN because, they usually aim to recognize and reward cybersecurity companies that have come up with groundbreaking solutions. In essence, with this recognition, it means that TUFN has a competitive edge in the cybersecurity market.
TUFN specializes in the simplification of large complex networks for its corporate clients. With the Tufin Orchestration Suite, companies can be more flexible in dealing with changing business needs, without compromising on their security setup.
As I always say, “Trade the Chart not the Stock.”