CTXS closes higher for the 3rd day in a row
Citrix Systems Inc. (CTXS) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CTXS ended the week 1.77% higher at 98.22 after surging $1.26 (1.3%) today on low volume, slightly underperforming the Nasdaq 100 (1.34%). This is the biggest single-day gain in over five months. Today's close at 98.22 marks the highest recorded closing price since July 24th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CTXS as at Oct 11, 2019):
Friday's trading range has been $1.80 (1.84%), that's above the last trading month's daily average range of $1.45. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CTXS.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Bullish Spinning Top showed up on Monday, CTXS actually lost -1.05% on the following trading day.
Prices are trading close to the key technical support level at 97.22 (S1). After spiking up to 99.41 during the day, the market found resistance at the 200-day moving average at 99.01.
Crossing above the upper Bollinger Band for the first time since September 12th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 96.29 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Citrix Systems. Out of 53 times, CTXS closed higher 56.60% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.15% with an average market move of 1.38%.