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.
Today, Plurilock announced it has signed a contract renewal for its flagship cybersecurity software platform with an overseas property management solutions provider.
The Customer provides various cloud-based management solutions for hotels, holiday homes, apartments and more. According to the terms of the contract, the Customer has renewed its subscription for the cloud security functionality of the Plurilock platform, which includes Single Sign-On Access Control and Password Policy.
“We are delighted to sign this contract renewal with an overseas property management solutions company,” said Ian. L Paterson, CEO of Plurilock. “Ensuring high customer retention for our high-margin software platform remains a key focus of our business and we intend to continue delivering our solutions to existing clients.”
This news adds to the consistent press releases regarding contract renewals or new contracts in 2023.
At time of writing, the stock is up over 3% on this news and sits at a market cap just under $15 million.
The stock is still battling at our major support zone highlighted in blue.
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.
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.