Plurilock Security (PLUR.V) is a Canadian identity-centric cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.
The company continues its run of positive press releases in 2023 and orders. Today, Plurilock announced it has received a three-year sale order for its flagship software platform with an overseas IT solutions provider.
The customer is based in South America and provides information and communication technology solutions for the public sector. According to the terms of the contract, the Customer will license the cloud security functionality of the Plurilock platform, which includes single sign-on authentication and access control features.
“We are pleased to onboard a new overseas customer for our high-margin flagship software solution,” said Ian L. Paterson, CEO of Plurilock. “This sale order highlights the need for zero-trust technology by companies around the world to strengthen their cyber defenses. We look forward to working with this customer in ensuring their cybersecurity requirements are fulfilled.”
This comes after Plurilock announced an order for its cybersecurity platform from a US financial institution on February 7th 2023, and seven new California Multiple Award Schedule contracts on February 9th 2023.
For regular readers, I posted a larger piece on Plurilock and what I was seeing in the cybersecurity space in early February 2023. In that article, I outlined the chart setup and what I see coming from a technical perspective. Well… that has played out as expected.
Plurilock stock is up 11.11% at time of writing on today’s news.
The exciting part is that my breakout trigger and play is still intact. A close above $0.165 triggered the double bottom reversal pattern. Our breakout candle on February 9th 2023 was accompanied by strong 500,000 plus volume. That’s what we want in a breakout. It was also backed by a fundamental catalyst. Combining technicals with strong fundamental news is a winning combo.
The breakout is in play and as long as Plurilock remains above $0.165, the new uptrend remains intact. Our initial target remains $0.25.
The trajectory might not be straight up right away. As you can see on the right of my candles, I have outlined the typical breakout trajectory. There is a chance that the price could pull back first as some traders/investors take profits. Completely normal. On a breakout, price tends to pullback down to the breakout zone which sees buyers step back in. A retest of $0.165 could happen which would give us a higher low to take us to $0.25.
