Buy Top Tech Stock on Pullback

Make Citrix Systems a cornerstone of an aggressive technology portfolio

   

Buy Top Tech Stock on Pullback

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.

05 01 11 ctxs Buy Top Tech Stock on Pullback

chart key Buy Top Tech Stock on Pullback

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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