Don't Ignore This Chart

Citrix Ends Correction with Five Week Surge

Citrix (CTXS), which is part of the Internet ETF (FDN) and Software iShares (IGV), appears to have ended its correction and resumed its long-term uptrend. The stock hit a 52-week high in early 2017 and then declined from May to August. CTXS underperformed the market and its peers during this timeframe, but the decline was a correction within a bigger uptrend. Notice that the move retraced around 61.8% of the prior advance and formed a falling channel. The retracement amount and pattern are typical for corrections. CTXS broke out of the channel with pretty convincing a five week advance. This move looks long-term bullish and a continuation of the bigger uptrend would target a move to new highs in the coming months. 

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