Don't Ignore This Chart!

Ciena Fails to Hold Breakout


Sometimes a failed signal is as good as a signal. Ciena (CIEN) broke resistance with a surge above 12.50 on Friday-Monday, but failed to hold this breakout after Tuesday's high-volume decline. A long black candlestick formed as the stock opened slightly lower, moved down throughout the day and closed weak.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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