CyberArk Software Sinking Along With Broad Market

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Cyberark Software Ltd CYBR shares were trading lower by $4.21 (6 percent) at $58.93 in Tuesday's session. One day removed from almost reaching its major resistance level at its July 1 high ($65.50), only reaching $64.30, the issue is back under $60.

After a lower open ($61.50 vs. Monday's close of $63.14) it attempted to rally but was turned back ahead of the close, only reaching $62.88 before it resumed its slide.

So far, it has slipped on $60 and is attempting to find support ahead of Friday's low ($58.18), only reaching $58.67 and attempting to maintain in the $59 handle.

The issue has been a stellar performer this year, rising from its year-end close ($39.65) and nearly doubling when it peaked at $76.35 before giving back a good portion of its gains. From its IPO low (S22.12) in September 2014, the issue nearly quadrupled in price as cybersecurity stocks came into vogue after a rash of credit cards breaches amongst major U.S. retailers across the country were unleashed.