CITRIX SYSTEMS INC (CTXS.O)

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section CITRIX SYSTEMS INC., listed on the Nasdaq Stock Exchange.

CITRIX SYSTEMS INC (CTXS.O)

Citrix Systems, Inc. offers Enterprise and Service Provider products, which include Workspace Services solutions and Delivery Networking products. The Company’s Enterprise and Service Provider products include Cloud Services solutions, and related license updates and maintenance, support and professional services. The stock is listed on the Nasdaq Stock Exchange. Price chart formed a 7 month-long descending triangle with the horizontal boundary acting as strong support at 98.5 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close below 95.5 levels will confirm the breakdown from the 7 month-long descending triangle with the possible chart pattern price target of 85.0 levels. If the chart pattern completes with a breakdown, this will establish a downtrend below the 200-day average. This week’s price action breached the lower boundary of the 7 month-long descending triangle.

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