Yes, it’s old friend Ciena.
I watched it yesterday as it head faked above the neckline, but left it alone. Today it is pulling back to screw breakout traders and trying to fill the gap up it left yesterday. In so doing, it is back below the pattern’s neckline. MACD and RSI are constructive but the 50 and 200 day moving averages are not because they are pointed down, although the price is above the SMA 50, which is constructive to a bounce.
Very simply, if CIEN gets above 22 its measured target is approximately 24.50. It could be a good bounce trade based on this pattern. I got played by it once before but the pattern continues to evolve. It is active as long as the pattern holds last week’s low around 20.75.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason), which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
