Possible Bearish Inside Day Candle Pattern Detected for Citrix Systems (NASDAQ:CTXS)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Citrix Systems (NASDAQ:CTXS) based on the price action in the company's shares. Today's price range of $87.50 and $88.15 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Citrix Systems may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the past 52 weeks, Citrix Systems share prices have been bracketed by a low of $60.91 and a high of $90.00 and are now at $87.93, 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.2%.
Citrix Systems (NASDAQ:CTXS) is currently priced 6.9% above its average consensus analyst price target of $81.81. The stock should discover initial support at its 50-day moving average (MA) of $78.20 and subsequent support at its 200-day MA of $74.44.
Citrix Systems, Inc. designs, develops, and markets technology solutions that allow applications to be delivered, supported, and shared on-demand. The Company develops and markets comprehensive solutions across all dimensions of application, server and desktop virtualization as well as application and network optimization.
SmarTrend recommended that subscribers consider buying shares of Citrix Systems on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.82. Since that recommendation, shares of Citrix Systems have risen 30.0%. We continue to monitor CTXS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle Citrix Systems