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Watch for Continued Gains in Shares of Ciena (CIEN)

By James Quinn

Ciena (NASDAQ:CIEN) traded today at a new 52-week high of $27.98. Approximately 9.2 million shares have changed hands today, as compared to an average 30-day volume of 2.8 million shares.

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 has overhead space with shares priced $26.99, or 6.7% below the average consensus analyst price target of $28.94. 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.

Over the past year, Ciena has traded in a range of $15.62 to $27.98 and is now at $26.99, 73% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.6% while the 200-day MA has slid 0.9%.

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

Keywords: 52 week high/lows Ciena

Ticker(s): CIEN