Trading Idea - Key levels for Citrix Systems

Published on Monday, 30 August 2010 20:20 Written by TradersHuddle Staff

New York, August 30th (TradersHuddle.com) - Shares of Citrix Systems, Inc. (NASDAQ:CTXS) are trading very close to calculated support at $57.21 with current price action closing at just $58.06 places the stock price near levels where traders will start paying attention.

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 current stock range is defined by current calculated support defined at $57.21 and by the resistance level at $60.68, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Citrix's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $60.68 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.