Recently, competitor Cisco Systems (CSCO) broke out to a 15 year high. While Juniper Networks (JNPR) hasn't seen its price move to decade and a half highs, it is on the verge of breaking to a six year high amid very heavy volume. JNPR traded more than 25 million shares on April 26th following its blowout quarterly earnings. Both revenues and EPS handily topped forecasts and traders rewarded the company with a week long rally that nearly cleared resistance at 31.50 from November 2015. Here's the chart:
There is a negative divergence that perhaps will make JNPR pause a little longer than usual before breaking out, but the rising 20 week EMA tests have been holding and the combination of price/volume remains quite bullish. While the intermediate-term price range is 26.00-31.00, I would not be surprised by a breakout that enables the weekly MACD to surge past the highs formed at the end of 2016.
Happy trading!
Tom
