Citrix
$CTXS -- Ascending Wedge (bearish reversal)Hello, $CTXS currently displaying what looks to be a bearish ascending wedge reversal pattern plus a pretty obvious bearish divergence on the daily RSI -- Short if you want.
Citrix Systems $CTXS$CTXS is about to break the pivot resistance. Volume is still below the average. RSI is rising but still more strength.
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CTXS Tests ResistanceCTXS moved with strong momentum to a bottom completion resistance level recently. The stock may retrace and retest before breaking through the resistance.
Going short on CitrixDaily doji and slow stochastic cross.
Opening 2 orders with 1% risk each.
First order with 1:2 Risk:Reward ratio; the second till the main support for a massive 1:7 R:R
Good luck
CTXS laggard play, looking for move through 200MABig Picture:
US markets are strong, so I like long ideas. Despite, this stock looks weak I think if market break up failure scenario will come into play money will rotate from stocks that are on highs to underperforming stocks. And if market will continue showing strength momentum will cautch up this stock as well.
This technology company grew up from $20 since early 2009 and found top in 2011 at $88. From then it entered into big consolidation wedge with bottom close $50 (aorund half of that big igniting move) means that long term investors still control price action.
Short Term tech analysis:
Stock gapped up $59.46 on earnings on 24 of April, sold off from 200 MA but bounced off from shorter term moving averages with pivot low at $57.77.
Right now, it is in front of 200 MA building nice upper level base.
Trade Plan:
I like entry here at $60.37 with stop below $57.77. Break up and close above 200MA could lead to $62.25-$63.44 resistance zone, then we have gap down pivot point at $66.48.
Macro target is mid $70ish area - top of wedge.
