Despite Wednesday's Weakness, Check Point Software Is Still In An Uptrend

The following stock has been highlighted by VantagePoint Software, an artificial intelligence platform that provides market forecasts 1-3 days in advance. For a free demo click here. 

Shares of Check Point Software Technologies Ltd. CHKP have been a quite a run. Though the stock traded down about 1.5 percent on Wednesday afternoon without a clear catalyst, it's only just off the all-time high of $120.81 it hit on Monday. Year to date, CHKP is up 12.5 percent. 

According to predictive analytics VantagePoint Software, this uptrend looks likely to continue, despite Wednesday's weakness. You can see this in the chart below. The blue line represents a 48-hour predicted moving average. In other words, it predicts where a stock's six-day moving average will be in the next two trading days. The black line is a simple 10-day moving average. 

When the blue line moves above the black, that represents an uptrend. As you can see, CHKP has essentially been in an uptrend since crossing over into an uptrend on July 5. Since then, the stock is up about 18 percent. 

The red-green bar at the bottom of the chart shows the temporary weakness that could persist for the next day or so. That's a neural index that forecasts next-day strength or weakness. While that gives a reason to take a second look, the stock is not in a clear downtrend until those two moving averages crossover. 

VantagePoint Software is a content partner of Benzinga. To see what their indicators say about other stocks, futures, commodities or ETFs, or to get a free demo, click here.