After getting knocked down with Palo Alto Networks, Qualys (QLYS) has become oversold.
However, after catching support at its 200-day moving average, and becoming over-extended on RSI, MACD, and Williams’ %R, the QLYS stock is starting to pivot higher. From its last traded price of $163.47, we’d like to see it initially refill its bearish gap around $187.
The company should also benefit from increased cybersecurity spending, according to analysts at Wedbush. Worldwide end-user spending on security and risk management is projected to total $215B in 2024, up 14% from 2023, according to Gartner, as noted by Seeking Alpha. All as cyberattacks worsen around the world.
“The big shift that continues to be a major force in the Beltway is that as more data, applications and endpoints access the cloud in the U.S. Government the need to protect agencies from the [Department of Defense] to civil agencies has become a top priority within many federal budgets,” added Wedbush.