Ciena Corporation (NYSE:CIEN) shot up 12% on Monday morning on strong earnings. The company reported adjusted earnings per share of $0.15 and total revenue of $646 million, compared to analyst estimates of $0.13 and $640 million.
Our analysis of the CIEN weekly chart indicates the stock is in the rising phase of its current market cycle. Given its current move, the chart suggests a stall at just over $26. In fact, there may be a better buying opportunity at around $24 in May.
The market cycles are designated by the black semicircles at the bottom of the chart.