Global Cybersecurity ETF: Bullish Ascending Triangle Points To Breakout

Cybersecurity continues to be an important theme as we continue to see headlines about business and government hacking incidents.

We also have more people working from home in the post-COVID work environment. Sure enough, these trends find there way into the price of a given sector ETF.

This chart comes from Marketsmith.com

In this case, it’s the Global X Cybersecurity ETF (NASDAQ:BUG). The daily chart shown here highlights a bullish pattern that has developed during the first half of 2021. It may lead to a breakout and higher prices during the second half of 2021.

BUG looks to have been creating a bullish ascending triangle over the past six months at (1). This takes shape as the trend remains higher and the flat overhead resistance allows upside pressure to build. This often ends in a breakout.

A successful breakout at (2) will likely lead to a strong rally for BUG. Stay tuned.

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