Let's add in the charts to the discussion of this supplier of telecommunications networking equipment, software, and services.
In this daily bar chart of CIEN, below, we can see that prices have performed strongly since the middle of March. CIEN is above the rising 50-day moving average line and the rising 200-day moving average line. The On-Balance-Volume (OBV) line shows a firming trend and the Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero-line.
In this weekly bar chart of CIEN, below, we can see a bullish picture with prices above the rising 40-week moving average line. A rising OBV line at a new high for the move up and a bullish MACD oscillator telling us that the trend was strong.
In this daily Point and Figure chart of CIEN, below, we can see that prices have reached an upside price target.
In this weekly Point and Figure chart of CIEN, below, we can see that a potential longer-term price target of $78 is being projected.
Bottom line strategy: The chart of CIEN is looking a little extended, so we might see prices trade sideways in a $57-$53 range, before resuming the uptrend. Traders could go long on available weakness risking a close below $52 for now. The $78 area is our price objective.