CTXS unable to break through key resistance level

Citrix Systems (CTXS) Technical Analysis Report for Sep 14, 2018

Highlights

CTXS unable to break through key resistance level
CTXS fails to close above 20-day moving average
CTXS finds buyers again around 111.77
CTXS rises to highest close since September 5th
CTXS closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 25% Bearish
Technical Forecast:

Overview

CTXS finished the week 1.23% higher at 112.32 after gaining $0.23 (0.21%) today. Today's closing price of 112.32 marks the highest close since September 5th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CTXS

Volatility

Friday's trading range was $1.02 (0.91%), that's below last trading month's daily average range of $1.31. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 112.33, Citrix Systems closed below it after spiking as high as 112.79 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 111.75 in the prior session, the share found buyers again around the same price level today at 111.77. After spiking up to 112.79 during the day, the market found resistance at the 20-day moving average at 112.35.

Trend

Though the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the nearby swing high at 112.87 where further buy stops might get triggered. As prices are trading close to September's high at 114.00, upside momentum could accelerate should CTXS mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Citrix Systems

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