A Couple Of Dark Clouds
This morning, there are two cloud computing stocks that are starting the trading day on the weak side. These two cloud computing stocks are Citrix Systems Inc (NASDAQ:CTXS), VMware Inc (NYSE:VMW). VMW stock is declining lower by 0.76 cents to $71.26 a share. Day traders should watch for intra-day support around the $69.59, and $68.70 levels. These are two areas where the stock can get an intra-day bounce. It is always very important to understand the chart pattern that a stock makes when it falls into that support, this pattern could increase or decrease the odd of the bounce in the stock.
Day traders can also watch CTXS stock to have intra-day support around the $65.32, $64.70, and $64.00 levels. Again, it will be very important to watch the intra-day chart pattern as price falls into these levels. As a rule, anytime price consolidates above a support level it will weaken that support area for the potential bounce. Remember, day trading is about putting the odds in your favor.