Trading Idea: - Is Juniper Networks close to Resistance?
Published on Wednesday, 06 February 2013 05:52 Written by TradersHuddle Wire
New York, February 6th (TradersHuddle.com) - Shares of Juniper Networks, Inc. (NASDAQ:JNPR) are trading very close to calculated resistance at $22.98. The stock ended the trading session at just $22.39, which is near levels that make it difficult to buy or start a position.
Juniper Networks, Inc. (NASDAQ:JNPR) provides Internet infrastructure solutions for Internet service providers and other telecommunications service providers. The Company offers network infrastructure solutions that include IP routing, Ethernet switching, security and application acceleration solutions.
Juniper Networks' stock range is defined by its calculated support defined at $19.55 and by the resistance level at $22.98; 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 Juniper Networks. However, as the stock pulls back towards $19.55 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $22.98 then traders will get an opportunity to enter the stock as it moves to a higher range.