Ciena Is Close to Resistance
Published on Thursday, 14 June 2012 08:20 Written by TradersHuddle Wire
New York, June 14th (TradersHuddle.com) - Shares of Ciena Corporation (NASDAQ:CIEN) are trading very close to calculated resistance at $14.87. The stock ended the trading session at just $14.61, which is near levels that make it difficult to buy or start a position.
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 stock range is defined by its calculated support defined at $11.65 and by the resistance level at $14.87; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Ciena. However, as the stock pulls back towards $11.65 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $14.87 then traders will get an opportunity to enter the stock as it moves to a higher range.
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