Login

Register

Login

Register

Citrix Systems (CTXS) Drops After Earnings, Here’s The Trade Level

This morning, leading cloud software stock, Citrix Systems Inc (CTXS), reported earnings before the opening bell. The stock is coming under heavy selling pressure trading lower by 9.0% to $152.10 a share. It should be noted that yesterday shares of CTXS traded as high as $173.56 which was an all time high. This tells me that the stock was priced for perfection going into its earnings report.

Today, the stock has declined to it’s 20-day moving average. This level seems to be short term support for the stock this morning. Often, when a stock declines this sharply it will ultimately trade lower before it is truly defended by the institutional crowd. Traders should watch the $140.00 level for major chart support. Please note that this is a very solid support area that should be defended when initially tested. This is also where the stock broke out to new highs after forming a 3-month sides base. It is important to remember, when prior break-out levels get retested they will usually hold up and see institutional sponsorship.

Nick’s having an amazing year. Get ready for Nick’s next stock swing trade here, and his next options trade here.