Tuesday, May 16, 2006

CTXS - Update

In last night's Watch List, I recommended CTXS as a buy above $41.25 even though it has traded slightly higher in the last two days because I see $41.25 as the main pivot point and resistance level (blue arrows in the chart above). It is currently trading above that in pre-market and may test $41.25 on the open. If it tests and bounces, I think that would be a pretty clear buy signal.

A confirmed break for me is when a candle closes above the resistance level using at least a five minute time frame.

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