Shares of Citrix Systems Bottoming out?

ctxs New York, March 18th (TradersHuddle.com) - Shares of Citrix Systems, Inc. (NASDAQ:CTXS) ended the trading session lower by $1.31 or -1.74% from its previous close. Citrix's price action in the session formed what is considered to be a Hammer, where bears drove prices lower intraday. However, the strong finish indicates that bulls regained control, forming a trend reversal.

Citrix Systems, Inc. (NASDAQ:CTXS) designs, develops, and markets technology solutions that allow applications to be delivered, supported, and shared on-demand. The only enterprise software company with end-to-end virtualization.

Citrix's stock has been trading in a well defined range with calculated support at $60.14 and resistance at $65.00. This range can be used by traders to plan their next moves.

Traders wanting to establish a position in Citrix Systems or traders that are already holding the stock can use the hammer formation to their advantage, since the pattern signal a potential bullish trend reversal.

The Hammer is an important candlestick pattern, as it can mark bottoms and support levels. Further buying pressure, and preferably on expanding volume, is needed before acting, as heavy volume will serve to confirm the validity of the reversal.

In the case of Citrix Systems, traders who want to add to their positions or start a new position, need to watch for confirmation of the reversal. Below a Hammer illustration:



Related Partner Headlines

    Real Money Pro from TheStreet: Headlined by legendary hedge fund manager Doug Kass, our team of market technicians and professional traders hand you unique perspectives and breakthrough investment opportunities. Access this exciting service -- Real Money Pro -- FREE, right now!

    TradersHuddle Search

    Stock Search:

    Site Search:

    Recent Trading Ideas

    Latest Partner Headlines

    Stock Market

    Loading
    Chart
    o Dow Jones 17,689.86 ▼56.12 (-0.32%)
    o S&P 500 2,103.84 ▼4.79 (-0.23%)
    o NASDAQ 5,128.28 ▼0.50 (-0.01%)
    INDEXDJX:.DJI

    Dow Jones

    Company ID [INDEXDJX:.DJI] Last trade:17,689.86 Trade time:4:36PM EDT Value change:▼56.12 (-0.32%)
    INDEXSP:.INX

    S&P 500

    Company ID [INDEXSP:.INX] Last trade:2,103.84 Trade time:4:36PM EDT Value change:▼4.79 (-0.23%)
    INDEXNASDAQ:.IXIC

    NASDAQ

    Company ID [INDEXNASDAQ:.IXIC] Last trade:5,128.28 Trade time:5:15PM EDT Value change:▼0.50 (-0.01%)
    Copyright © 2013 TradersHuddle.com. All Rights Reserved.