Trading Idea - Key levels for Ciena

Published on Monday, 12 July 2010 06:08 Written by Christopher Lynn

New York, July 12th (TradersHuddle.com) - Shares of Ciena Corporation (NASDAQ:CIEN) are trading very close to calculated support at $12.12 with current price action closing at just $12.72 places the stock price near levels where traders will start paying attention.

Ciena Corporation (NASDAQ:CIEN) develops and markets communications network platforms. The company offers broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom and cable/MSO services providers.

Ciena's current stock range is defined by current calculated support defined at $12.12 and by the resistance level at $13.46, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Ciena's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $13.46 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.