Citrix Systems Inc (CTXS) is a leading provider of Enterprise and Service products. The stock topped out on July 22, 2020, at $173.56 a share. Since that high pivot, the share has declined down to $135.00 a share. Currently, CTXS stock is forming a bearish sideways consolidation pattern on the daily chart indicating further weakness ahead. The stock is also trading below its important 50-day moving average. This is often a sign of weakness and usually signals downside action.
The recent low for CTXS was made on September 11th, 2020 at $131.15 a share. Should that low be broken on a weekly chart basis it will likely signal a move down to the $122.00 area. This would be a very good support for the stock. This support level is where the stock broke out in late March 2020. Very often, when stocks backtest prior break-out level they will be defended by the institutional money. It is also a major retrace level that is often supported. I will be looking to trade CTXS stock on the long side around this key support level.
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