CTXS closes above its opening price after recovering from early selling pressure
Citrix Systems Inc. (CTXS) Technical Analysis Report for Apr 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CTXS finished Wednesday at 139.14 losing $2.41 (-1.7%) on low volume, but still significantly outperforming the Nasdaq 100 (-4.19%). Trading up to $2.57 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 Apr 01, 2020):
Wednesday's trading range has been $6.26 (4.5%), that's far below the last trading month's daily average range of $11.05. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for CTXS.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 141.01 (R1), the stock closed below it after spiking up to 142.65 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on March 27th, CTXS actually gained 4.19% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 146.40 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Citrix Systems. Out of 795 times, CTXS closed higher 56.10% 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 57.11% with an average market move of 0.65%.