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Possible Bullish Inside Day Candle Pattern Detected for Ciena Corp (NYSE:CIEN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ciena Corp (NYSE:CIEN) based on the price action in the company's shares. Yesterday's price range of $36.57 and $37.25 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. Traders and investors interested in shares of Ciena Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ciena Corp (NYSE:CIEN) is currently priced 18.5% above its average consensus analyst price target of $30.12. The stock should run into initial resistance at its 50-day moving average (MA) of $37.99 and subsequent resistance at its 200-day MA of $39.60.

Ciena Corporation develops and markets communications network platforms, 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 Corp has traded in a range of $30.33 to $46.78 and closed yesterday at $36.96, 22% above that low. The 200-day and 50-day moving averages have moved 0.05% lower and 0.67% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Ciena Corp on August 15th, 2019 by issuing a Downtrend alert when the shares were trading at $40.42. Since that call, shares of Ciena Corp have fallen 8.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle ciena corp

Ticker(s): CIEN