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

By David Diaz

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. Yesterday's price range of $26.20 and $26.49 is within the prior day'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 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.

There is potential upside of 2.8% for shares of Ciena Corp based on a current price of $26.35 and an average consensus analyst price target of $27.08. Ciena Corp shares have support at the 200-day moving average (MA) of $20.90 and additional support at the 50-day MA of $17.93.

In the past 52 weeks, shares of Ciena Corp have traded between a low of $17.59 and a high of $27.98 and closed yesterday at $26.35, which is 50% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.6%.

SmarTrend recommended that subscribers consider buying shares of Ciena Corp on January 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.71. Since that recommendation, shares of Ciena Corp have risen 16.8%. We continue to monitor CIEN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle ciena corp

Ticker(s): CIEN