Computer networking company Ciena Corp. (NYSE:CIEN) tanked on Thursday after reporting earnings. The stock lost nearly 5% to $20.24 a share. CIEN is now trading below its 50-day moving average, which puts it in a weak technical position. The monthly chart is now signaling further downside for the stock.
Traders should now watch the $16.75 area as the next major chart support level. When a stock declines so sharply in a single trading day, it often takes some time before it finds defense from the institutional crowd. I'm keeping this stock on my watch list until it drops into this important support level.
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