Bullish Action in Juniper Networks
Juniper Networks (JNPR) is moving well today. The networking stock is up more than 3% on healthy trade and has moved past its November highs. This breakout type move extends the very solid rally the stock has been tracing out over the last three weeks. In mid-November, the shares were testing the $16.00 area, a key support level that also held the October lows, before mounting the current recovery rally. With today's surge, the stock is now up nearly 20% from last month's lows and is setting up well for more upside.
All year, JNPR's 200-day moving average has delivered extremely heavy overhead resistance. This key level has capped monthly highs in February, March, April, May, September and October. The most damaging rejection came at the April/May peak. JNPR collapsed to fresh multi-year lows during a 35% drop before finally hitting bottom in July. Following a major jolt of bullish interest later that month, the stock has been consolidating. If this week's positive action can hold, JNPR may be leaving behind a major bottom near the $16.00 area....148 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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