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 news releases in 2023 continues with Plurilock today announcing a contract renewal for its flagship software platform with an overseas fintech company.
The Customer delivers fintech solutions including payroll and health benefit management. According to the terms of the contract, the Customer has renewed its subscription for the cloud security functionality of the Plurilock platform, which includes Access Control Management.
“We are pleased to renew a contract for our high-margin solution with an existing customer in the fintech industry,” said Ian L. Paterson, CEO of Plurilock. “With a sizable customer pipeline, we intend to maintain a strong business relationship with existing clients. Overall, this contract renewal attests to the robustness of our platform in providing advanced cybersecurity with an emphasis on zero-trust principles.”
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, 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.
