The press releases keep on coming for Plurilock Security (PLUR.V) in 2023 as the stock is up 52% year to date.
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.
Today, Plurilock announced it has signed a three-year contract renewal for its flagship cybersecurity software platform with Muthoot Finance Ltd., a leading financial services provider based in India.
Muthoot Finance will use Plurilock’s high-margin software offering for approximately 11,000 users.
Muthoot has more than 5,750 branches and over 40,000 employees across India and offers various competitive loan products. The customer will license the cloud security functionality of the Plurilock platform, which includes IP and Device Restriction and Personal Email Block, for approximately 11,000 users. Additionally, the Company has upsold an additional feature – Password Policy to Muthoot Finance as part of the contract renewal.
“We are pleased to announce a contract renewal with Muthoot Finance, a leading financial services brand in India,” said Ian L. Paterson, CEO of Plurilock. “While our focus is to secure new clients for our high-margin software solutions, we also aim to maintain a strong business relationship with existing customers, which results in high customer retention and the potential for us to either cross-sell or upsell additional features of our platform.”
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.
