Citrix Systems Continues to Rally and This Could Be Just the Start

Our updated analysis and strategy on this 'work at home stock.'

We recently wrote about Citrix Systems Inc. (CTXS)  where we recommended, "Working remotely could be the new normal and that could go a long way to explaining the rally in CTXS. Traders could go long CTXS on any dip towards $135, risking below $120, looking for gains to the $213 area."

Let's look at two current charts of CTXS. 

In the updated daily bar chart of CTXS, below, we can see that prices are close to making a new high close for the move up. Prices are above the rising 50-day moving average line and the rising 200-day moving average line.

Trading volume has increased this month and the On-Balance-Volume (OBV) line is close to making a new high for the move up. The Moving Average Convergence Divergence (MACD) oscillator continues in a bullish pattern.  

 

In this updated daily Point and Figure chart of CTXS, below, we can still see the potential upside price target of $213 and also that a trade at $142.18 will be a new high for the move up and should refresh the uptrend. A longer-term price target of $290 can be found on other Point and Figure charts (not shown). 

 

 

 

Bottom-line strategy: Continue to trade/invest in CTXS from the long side. Our initial price target is $213 and $290 is our potential longer-term price objective. 

 

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