Maker of routers, switches and IT security products, Juniper Networks (JNPR) looks poised and technically ready to rally.
Let's check out the charts and indicators.
In this daily bar chart of JNPR, below, I see a bottom formation. JNPR is now trading above the bottoming 50-day and 200-day moving average lines.
The trading volume has been active but choppy the past year. The On-Balance-Volume (OBV) line made a low in October and shows some uneven improvement and tells me that buyers of JNPR are being more aggressive than sellers.
The Moving Average Convergence Divergence (MACD) oscillator has just turned up above the zero line for an outright buy signal.
In this weekly Japanese candlestick chart of JNPR, below, I can see an improving picture. The shares are trading above the rising 40-week moving average line.
The OBV line shows improvement the past two months. The MACD oscillator is above the zero line and poised to generate a new outright buy signal.
In this daily Point and Figure chart of JNPR, below, I can see a nearby price target of $33.42. A trade at $33.93 should refresh the uptrend.
In this weekly Japanese candlestick chart of JNPR, below, I can see an upside price target in the $37 area.
Bottom-line strategy: Traders could go long JNPR at current levels risking to $29. The $37 area is our initial upside price target.
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