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Possible Bearish Inside Day Candle Pattern Detected for Ciena Corp (NYSE:CIEN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ciena Corp (NYSE:CIEN) based on the price action in the company's shares. Today's price range of $38.93 and $38.93 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ciena Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ciena Corp (NYSE:CIEN) defies analysts with a current price ($38.93) 22.6% above its average consensus price target of $30.12. Ciena Corp shares should encounter resistance at the 50-day moving average (MA) of $39.24 and support at its 200-day MA of $32.99.

Ciena Corporation develops and markets communications network platforms and software, and offers professional services. The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom and cable/MSO services providers, and enterprise and government networks.

Over the past year, Ciena Corp has traded in a range of $22.99 to $45.70 and is now at $38.93, 69% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Ciena Corp and will alert subscribers who have CIEN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle ciena corp

Ticker(s): CIEN