Juniper Networks: A Rare Tech Sector Breakout?
Most technology stocks remain well off their highs in 2022, but not Juniper Networks.
The maker of routers and switches closed at its highest level in almost 11 years last week. The breakout followed some interesting patterns that may anticipate a bigger move.
First, notice the three positive news events since early December. First, Jefferies issued an upgrade. Bank of America followed. Both cited increased capital spending on networks. Earnings and revenue then beat estimates thanks to strong demand.
JNPR proceeded to form a triangle as buyers defended the 100-day simple moving average (SMA). Prices broke out on March 17 and paused beneath the January high before crossing that line on Friday.
Finally, the consolidation since mid-November has occurred along the previous high from 2015. Notice how the $32.39 level was first resistance and more lately became support, which is potentially bullish.
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The maker of routers and switches closed at its highest level in almost 11 years last week. The breakout followed some interesting patterns that may anticipate a bigger move.
First, notice the three positive news events since early December. First, Jefferies issued an upgrade. Bank of America followed. Both cited increased capital spending on networks. Earnings and revenue then beat estimates thanks to strong demand.
JNPR proceeded to form a triangle as buyers defended the 100-day simple moving average (SMA). Prices broke out on March 17 and paused beneath the January high before crossing that line on Friday.
Finally, the consolidation since mid-November has occurred along the previous high from 2015. Notice how the $32.39 level was first resistance and more lately became support, which is potentially bullish.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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