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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 $34.25 and $34.25 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 ($34.25) 12.1% above its average consensus price target of $30.12. The stock should hit resistance at its 50-day moving average (MA) of $37.64, as well as support at its 200-day MA of $34.21.

In the past 52 weeks, shares of Ciena Corp have traded between a low of $22.99 and a high of $45.70 and are now at $34.25, which is 49% above that low price. The 200-day and 50-day moving averages have moved 0.61% higher and 1.86% lower over the past week, respectively.

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.

SmarTrend is monitoring the recent change of momentum in Ciena Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ciena Corp in search of a potential trend change.

Keywords: bearish inside day candle ciena corp

Ticker(s): CIEN