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Ciena Falls 0.61% on Heavy Volume: Watch For Rebound (CIEN)

Written on Fri, 07/30/2010 - 2:57am
By Chip Brian

Ciena (NASDAQ:CIEN) traded in a range yesterday that spanned from a low of $12.80 to a high of $13.45. Yesterday, the shares fell 0.61%, which took the trading range below the 3-day low of $13.18 on volume of 2.5 million shares.
Shares of Ciena are currently trading below their 50-day moving average (MA) of $14.01 and below their 200-day MA of $14.03. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Ciena and our subscribers were alerted to Sell on May 07, 2010 at $16.38. The stock has fallen 20% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $13.18 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Communication Equipment industry.

Keywords: Ciena trading range stock news

Ticker(s): CIEN


Company Information For: CIEN

Contact Chip Brian
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