Shares of Ciena Corp. (CIEN) were up huge yesterday after the company reported substantial sales and profit increases in its fiscal third quarter and said it is on track to meet three-year financial targets.
Look at this monthly chart:
CIEN topped out at a whopping $1,057 on 10/31/00 and crashed to $5 bucks in 2009. It has been repairing the damage for almost 10 years and yesterday decisively broke out of this multi-year trading range.
It has what we call a Price Void above (i.e., little to no resistance to the left), suggesting a big target.
Below is the daily chart:
It had a huge range, making a precise entry difficult. Thus, for now we will recommend buying it over the high of $31.93 with a large stop under the low of $28.38.
We will monitor it on the daily chart, however, for a better entry and advise accordingly.
Thank you for being a loyal subscriber and feel to email us with any questions or comments on anything.
Learn how Master Trader Technical Strategies – MTS with Credit Spreads can make consistent money
Click Here – to Access the Program that puts you on the Master Trader Income Path.
Master Trader and You Building Your Financial Future Together
Happy trading! If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com
All the best,
Greg Capra
Managing Director of Master Trader
Trading the Pristine Method — Origin and End
Dan Gibby
Chief Options Strategist
Follow Greg on Twitter, YouTube, and StockTwits
Twitter: @GregCapra
Stocktwits: Greg_Capra
NOTE: Master Trader will show opening and closing prices of all stock and options trades. We recommend that all traders and investors use proper share sizing for positions and money management. However, we cannot recommend what that is for your particular trading style, risk tolerance, or account balance.
We urge you to calculate your own share/position size based on your individualized risk parameters, Trading Plan, and familiarity with the proposed trade strategy and risk. Advanced Management Strategies (AMS) covers in detail foundational and advanced position and money management.
NOTE: Master Trader and its representatives may have existing positions in actual or other trade recommendations before or after suggested herein. Additionally, we may manage them differently for internal purposes based on different risk parameters than noted herein.
All trade ideas and content are for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, option or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds. Investment or trading information provided may not be appropriate for all investors, and is provided without respect to individual financial sophistication, financial situation, investing time horizon or risk tolerance. Supporting documentation for any claims (including claims made on behalf of options programs), comparison, statistics, or other technical data, if applicable, will be supplied upon request. Master Trader Consulting, Inc. is not a licensed financial advisor, registered investment advisor, or a registered broker-dealer. Options, futures and futures options are not suitable for all investors. Prior to trading securities products, please read the Characteristics and Risks of Standardize Options and the Risk Disclosure for Futures and Options found here: CLICK HERE.
