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.
From a fundamental perspective, the company has had a solid 2023, regularly putting out press releases either on contract renewals, or brand new contracts for Plurilock’s flagship cybersecurity software program.
Just to highlight some recent news:
Plurilock received a $3.4 million order from the Canadian Department of National Defence. These governmental contracts are tough to land, and once a company has their foot in the door with an initial contract, it usually means the doors (or government coffers!) are open for continued business! The market responded with a stock daily gain of over 9% on March 23rd 2023. Right at an important technical zone but more on that below.
“We are pleased to receive a C$3.4 million purchase order from the Department of National Defence,” said Ian L. Paterson, CEO of Plurilock. “Government organizations require advanced cybersecurity solutions to protect themselves from increasingly sophisticated cyber-attacks. Overall, we aim to continue helping federal or state organizations in North America bolster their cyber defenses.”
More deals include contract renewals with an overseas online real estate marketplace provider, an overseas security solutions provider, an overseas fintech company, a US healthcare solutions provider, and a Canadian auto dealership just to name a FEW.
The technicals are my expertise and I have regularly provided updates on the price action on Plurilock’s stock.
Plurilock confirmed a breakout earlier this year on February 9th 2023 with a very strong green candle breakout. This breakout triggered a double bottom pattern and thus, the beginnings of a new uptrend.
Note the blue arrows I have drawn to the right on the chart. These lines have been in all my Plurilock articles as it basically outlines the trajectory I expect to see.
The key to this uptrend remains the stock holding above the $0.15 zone. We actually nearly confirmed a false breakout with the stock falling hard on March 17th 2023, and even closing below our support zone. However, the candle close was weak and the candle wick length indicated buying pressure. The stock managed to regain its support very quickly.
Plurilock remains above this support, thus the uptrend remains intact and a second higher low wave is still expected, taking us above recent highs at $0.225.
Currently, the stock is being held within another wedge with a trendline acting as near term resistance. I have kept up the original trendline which broke back in February 2023 to showcase the type of price movement we may see with another break here in upcoming days. We get a strong close above this trend line, and the stock is very likely to pop with momentum from technical traders. As mentioned earlier, the stock sees regular press releases. One of these could act as a strong catalyst backing up the technical momentum.
In summary, the uptrend remains intact, and the $0.26 zone remains our initial upside target.
