Ciena Corporation (CIEN) shot up 12% on Monday morning on strong earnings.
Ciena reported adjusted earnings per share of $0.15 and total revenue of $646 million, compared to analyst estimates of $0.13 and $640 million.
The steady rise in Ciena’s stock price over the past few weeks tipped its cap that good news was coming. And boom, here it is!
Our analysis of the Ciena weekly stock chart (CIEN) indicates the stock is in the rising phase of its current market cycle. Given its current move, the chart suggests a stall somewhere just above $26. In fact, there may be a better buying opportunity around $24 in May.
So further reward may come to patient traders.
The market cycles are designated by the black semicircles at the bottom of the chart.
Ciena Stock Chart with Weekly Bars – $CIEN
For a more detailed look at cycle analysis for a broader selection of futures, watch the askSlim Market Week every Friday afternoon, or subscribe to our YouTube channel.
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