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Possible Bullish Inside Day Candle Pattern Detected for Citrix Systems (NASDAQ:CTXS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Citrix Systems (NASDAQ:CTXS) based on the price action in the company's shares. Today's price range of $77.85 and $78.68 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. Traders and investors interested in shares of Citrix Systems may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Citrix Systems have traded between a low of $60.91 and a high of $90.00 and are now at $78.37, which is 29% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.2%.

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.

There is potential upside of 4.4% for shares of Citrix Systems based on a current price of $78.37 and an average consensus analyst price target of $81.81. The stock should find initial support at its 50-day moving average (MA) of $78.20 and further support at its 200-day MA of $74.44.

SmarTrend is monitoring the recent change of momentum in Citrix Systems. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Citrix Systems in search of a potential trend change.

Keywords: bullish inside day candle Citrix Systems

Ticker(s): CTXS