Citrix has recently broken out to the topside of a major symmetrical triangle forming since May 2011 in the context of a bull trend dating back to early 2009. On the monthly chart, initial target around $88.50 (highs from 2011), with the $100 round number as the second target and the all time highs around the 120's as third target. As prices consolidated within the triangle for four years, this breakout should be sustainable considering the high amount of volume supporting the move. The bigger the consolidation, the bigger the breakout. Watching the daily chart here to break and close over the $80 figure to open a starter position. If this holds, will look to scale in to a full position. For now, patience and let the price dictate !
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Price did not reach the $80 figure in August and no entry was initially taken. Patience was applied as the stock sold off with the overall markets in August and consolidated back to previous highs around $78. Price then gaped over previous highs on earnings and closed at $80.58. As per the plan, since price broke and closed over the $80 mark, a starter position was taken at $80.65 and price is currently trading around $83.40. First target around $88.50's and secondary around $100. If price breaks and closes above the $100 level, additional positions will be added and all time highs at 122.31 will be targeted. Stay tuned for now and happy trading !
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markbrsz
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UPDATE: Price did not reach the $80 figure and no entry was taken. Patience was applied as the stock sold off with the overall markets in August and consolidated back to previous highs around $78. Price then gapped over previous highs on earnings and closed at $80.58. As per the plan, since price broke and closed over the $80 position, starter position taken at $80.65, currently trading around $83.40. First target around 88.50s and secondary around $100. IF price breaks and closes the $100 level, additional positions will be added and all time highs at 122.31 will be targeted. Stay tuned for now and happy trading !