After hitting resistance in the 80-81 area in March, Citrix (CTXS) failed once again at this level with a shooting star candlestick last week. Notice the long upper shadow extending above 80. A down gap followed this bearish reversal candlestick and the next support zone resides around 71.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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