Plurilock Security Inc (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 positive news into 2023 continues with Plurilock Security announcing a contract renewal for its flagship cybersecurity software platform with an auto dealership in Alberta, Canada.
The Customer has been operating for over 38 years and operates 7 dealerships in Alberta. According to the terms of the contract, the Customer has renewed its subscription for the cloud security functionality of the Plurilock platform, which includes SSO, Access Control Management features, and Password Policies.
“We are pleased to announce a contract renewal with a Canadian auto dealership,” said Ian L. Paterson, CEO of Plurilock. “This transaction represents the latest in a series of new contract renewals and sale orders in recent weeks and we aim to continue expanding our sales pipeline for our high-margin cybersecurity software offering across different industry verticals.”
This continues the release of positive press releases. Recent weeks has seen Plurilock announce:
A purchase order for the company’s flagship cybersecurity platform from a US Credit Union.
A purchase order for the company’s flagship software program from a US financial institution.
Seven new California Multiple Award Schedule contracts.
A three-contract renewal for its cybersecurity platform with Muthoot Finance Ltd.
And a contract renewal for its flagship cybersecurity software platform with an international IT solutions provider.
The stock continues to move the way I have highlighted for readers in previous Plurilock news articles. The breakout is still in play as long as we hold above $0.17. $0.25 is the next resistance zone to be tested, and a breakout above this zone just continues the new uptrend.
Rarely in a new trend do we see the trajectory go straight up right away. As you can see on the right of my candles, I have outlined the typical breakout trajectory with blue arrows. Currently, it appears as if Plurilock is in the ‘pullback and retest’ phase. But more emphasis on the pullback. Breakouts tend to see the price of the stock pullback to the breakout zone, in this case the $0.17 zone, before continuing the move higher. This provides bulls who missed the initial move to enter a position at support or price floor which acts as a demand zone.
I would watch for this pullback, but if buyers step in before this, then the bullish sign would be a confirmation of the first higher low. Higher lows (and higher highs!) are the skeleton of uptrends. A higher low is confirmed once the stock pulls back and then rises to take out previous highs. A candle close above $0.22 confirms this.
