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September 01, 2020 10:18am
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Stocks to watch Thursday - Ciena , JOY Global and Red Hat

Chart courtesy of www.stockcharts.com ( click to enlarge ) RHT - Looking at the technical chart above the stock has short-term support in the band between 19.88 and 19.75. A slide below 19.75 can drag the stock price to 19.16. Hold the stock with a stop at this level. The stock price needs to rally above 20.99 before fresh investments can be made in this stock. Chart courtesy of www.stockcharts.com ( click to enlarge ) JOYG is developing a short sideway move characterized by low volatility. The technical chart shows a continuation of the trend with MACD and RSI in the Bullish areas. However, both Stochastic and RSI indicator is reaching the top end which indicates that the stock is now in overbought condition. Short-term investors can hold the stock as long as it trades above 32.38. For the long term the stock should still continue to go up . Chart courtesy of www.stockcharts.com ( click to enlarge ) Ciena shares fell nearly 6% today with a normal volume. This drop occurs one day before the earnings report, which make me think that the drop is nothing more than a pessimistic forecast about the report. But if some good news comes to the market tomorrow, we might see a brutal short squeeze. I'm beating for a good earnings report, after some signs of stabilization in the network sector, but we must be prepared for everything. The stock has been trading in a range of $9.32-$12.5 in the past 7 weeks, only a break of this range can give some clues to future movements. However, if there is a rally above 12.50, then it is likely to be significant. Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples. That's all folks. See you tomorrow !!! AC
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