Networking play Ciena Corporation (NASDAQ:CIEN) gave Wall Street exactly what it wanted to hear from earnings and forward guidance. The stock soared, currently trading at $18.12, +2.20 (+13.83%). While this is a tremendous move, key levels of resistance are fast approaching. The first key resistance point is at $18.30. The second, is clearly at the double top from early May at $19.30. The first level will most likely be a short term smaller pull back while the second level represents a longer term resistance double top. Note the chart below and trade them appropriately.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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