Shares of cybersecurity company Cloudflare ( NET) have made a base pattern, but the question remains whether we should be a buyer at this point.
Let's check the charts and indicators.
In the daily bar chart of NET, below, I see a basing pattern playing out from May. Dips to the $40 area have been bought the past 10 months. The slopes of the 50-day and the 200-day moving average lines have turned positive and share prices trade above them.
The On-Balance-Volume (OBV) line moved sideways in 2022 and has turned upwards this calendar year. A rising OBV line tells me that traders are more aggressive buyers than sellers. The Moving Average Convergence Divergence (MACD) oscillator is hugging the zero line and is close to making a new outright buy signal. 
In the weekly Japanese candlestick chart of NET, below, I see a bullish picture. The shares have been bottoming following a big decline in 2022. NET is trading above the 40-week moving average line.
The OBV line has strengthened the past three months and is poised to make a new high. This movement in the OBV line confirms the price gains we have seen the past three months. The MACD oscillator is slightly below the zero and maybe a week or two from an outright buy signal.
In this daily Point and Figure chart of NET, below, I can see a potential upside price target in the $80 area.
In this weekly Point and Figure chart of NET, below, I can see a potential downside price target in the $30 area. A trade at $73 will refresh the upside.
Bottom-line strategy: Patient traders could begin probing the long side of NET at $60 or lower. Risk to $45 for now. Add to longs above $73. Our initial price target is $80.
