Citrix Wants to Join the Party Too

• Posted by Greg Harmon
• on July 9th, 2013

Old School Technology companies have been all the rage. But not all of them have been participating in this retro orgy. One that has been having its troubles is Citrix Systems, $CTXS, the maker of cloud computing solutions, whatever that is. Its stock price has been languishing while Microsoft, Yahoo, Oracle and Intel have been going gangbusters. But the chart suggests that may be about to change. Since November it has put in 3 legs of a double Bottoming, ‘W’ pattern,

and is now starting to work on the last leg. Within this pattern since April it has also been building a bearish Shark Harmonic. The Shark outlined in yellow, has a Potential Reversal Zone (PRZ) first at 70.14 (shown) and then above at 72.51. The ‘W’ completes at over 82. Frequent readers will know that I get excited when two indicators with different derivations line up for a directional trade. But it gets even better. The Relative Strength Index (RSI) is also rising into bullish territory and making a new higher high while the Moving Average Convergence Divergence indicator (MACD) is has turned up, support further upward price action.

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