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Watch for Shares of Citrix Systems (CTXS) to Approach Support at $70.84

Published on Thu, 02/21/2013 - 13:41
By Mallory Stone

Shares of Citrix Systems (NASDAQ:CTXS) opened today below their pivot of $72.70 and have already reached the first level of support at $71.50. Analysts will be watching for a cross of the next downside pivot targets of $70.84 and $68.98.

Over the past year, Citrix Systems has traded in a range of $56.57 to $87.99 and is now at $71.66, 27% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.2%.

Citrix Systems, Inc. designs, develops, and markets technology solutions that allow applications to be delivered, supported, and shared on-demand. The Company develops and markets comprehensive solutions across all dimensions of application, server and desktop virtualization as well as application and network optimization.

There is potential upside of 15.7% for shares of Citrix Systems based on a current price of $71.66 and an average consensus analyst price target of $82.94. The stock should hit resistance at its 200-day moving average (MA) of $72.32, as well as support at its 50-day MA of $68.80.

By Mallory Stone
mstone@fnno.com