Ciena Close to Support

Published on Wednesday, 01 September 2010 05:20 Written by Danny Miller

New York, September 1st (TradersHuddle.com) - Shares of Ciena Corporation (NASDAQ:CIEN) are trading very close to calculated support at $11.88 with current price action closing at just $12.49 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 $11.88 and by the resistance level at $13.12, 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 $13.12 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.