Possible Bearish Inside Day Candle Pattern Detected for Ciena (NASDAQ:CIEN)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ciena (NASDAQ:CIEN) based on the price action in the company's shares. Today's price range of $21.33 and $21.83 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Ciena (NASDAQ:CIEN) has potential upside of 33.5% based on a current price of $21.57 and analysts' consensus price target of $28.79. The stock should discover initial support at its 200-day moving average (MA) of $20.90 and subsequent support at its 50-day MA of $17.93.
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 has traded in a range of $15.62 to $26.50 and is now at $21.57, 38% above that low. 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 is monitoring the recent change of momentum in Ciena. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Ciena in search of a potential trend change.
Keywords: bearish inside day candle Ciena