CTXS closes higher for the 3rd day in a row
Citrix Systems Inc. (CTXS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CTXS ended the month -0.14% lower at 147.91 after surging $3.09 (2.13%) today, slightly outperforming the Nasdaq 100 (1.96%). This is the biggest single-day gain in over a month. Today's close at 147.91 marks the highest recorded closing price since May 29th. Trading up to $1.00 lower after the open, Citrix Systems managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 18th, CTXS actually lost -1.45% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CTXS as at Jun 30, 2020):
Tuesday's trading range has been $2.79 (1.9%), that's below the last trading month's daily average range of $3.66. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CTXS.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could accelerate should prices move above the close-by swing high at 148.75 where further buy stops might get activated. With prices trading close to this year's high at 155.10, upside momentum could speed up should the stock be able to break out to new highs for the year. As prices are trading close to June's high at 148.75, upside momentum might accelerate should the market mark new highs for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Citrix Systems. Out of 170 times, CTXS closed higher 53.53% 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 60.59% with an average market move of 0.86%.