Posted On: 01/01/2014 5:12:48 PM
Post# of 2561
CIEN Daily Chart ~ Ready for a Move Above 24.00
Having entered CIEN in the 21.00/22.00s for a swing trade, the stock is very close to closing above the horizontal resistance line that has been in place for a few weeks now. There's a gap in the 26.00 to 27.00 area which I believe will be filled. Whether you are in the stock or holding calls, let's watch the action this week for a possible break to the upside. I'm liking the divergence of the various MACDs. What I'm not liking is the rise in the stock on lower volume, although that could be explained away by the Holidays. Should a breakout over 24.00 not happen, I'll be quick to sell and wait for the next trade. Support should be seen near 21.00, the previous bottoms and the MA200. GLTA
Having entered CIEN in the 21.00/22.00s for a swing trade, the stock is very close to closing above the horizontal resistance line that has been in place for a few weeks now. There's a gap in the 26.00 to 27.00 area which I believe will be filled. Whether you are in the stock or holding calls, let's watch the action this week for a possible break to the upside. I'm liking the divergence of the various MACDs. What I'm not liking is the rise in the stock on lower volume, although that could be explained away by the Holidays. Should a breakout over 24.00 not happen, I'll be quick to sell and wait for the next trade. Support should be seen near 21.00, the previous bottoms and the MA200. GLTA
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