Buy Top Tech Stock on Pullback

Make Citrix Systems a cornerstone of an aggressive technology portfolio

   

Citrix Systems (NASDAQ: CTXS) — This cloud computing technology solutions company saw a big jump in Q1 earnings and predicted better-than-expected revenue for the June period. CTXS was upgraded by several research firms this week, which caused it to “gap” into the mid-$80s from the high $70s.

Technically, the stock broke from an ascending triangle in February, and then pulled back to its 50-day moving average (blue line) before advancing to new highs. On Thursday, CTXS broke wildly above its upper channel resistance line, which opened a huge continuation gap from $77.83 to $81.84. This type of action usually results in much higher prices, but the gap could be at least partially closed by profit-taking.

Buy CTXS on a pullback to $80 or below with a trading target of $90. Long-term investors should buy CTXS as a cornerstone of a portfolio of aggressive technology stocks.

Trade of the Day - Citrix Systems (NASDAQ: CTXS)

Trade of the Day Chart Key

If you have questions or comments for Sam Collins, please e-mail him at samailc@cox.net.


Article printed from InvestorPlace Media, http://investorplace.com/2011/05/trade-of-the-day-citrix-systems-nasdaq-ctxs/.

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