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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. Yesterday's price range of $34.25 and $34.66 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.

Over the past year, Ciena Corp has traded in a range of $22.99 to $45.70 and closed yesterday at $34.66, 51% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has risen 0.4%.

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.

Ciena Corp (NYSE:CIEN) is currently priced 13.1% above its average consensus analyst price target of $30.12. Ciena Corp shares should encounter resistance at the 50-day moving average (MA) of $37.55 and support at its 200-day MA of $34.26.

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 am inside day candle ciena corp

Ticker(s): CIEN