Infinera (NASDAQ:INFN) shares have crossed bearishly below their 10-day moving average of $21.20 on a volume of 348K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
Infinera Corporation manufactures digital optical telecommunications equipment. The Company uses photonic integrated circuits to create digital optical networks. Infinera markets its products to carriers, data service providers, and cable operators.
Infinera (NASDAQ:INFN) has potential upside of 12.7% based on a current price of $21.23 and analysts' consensus price target of $23.93. The stock should discover initial support at its 50-day moving average (MA) of $19.90 and subsequent support at its 200-day MA of $15.69.
Over the past year, Infinera has traded in a range of $4.33 to $21.86 and is now at $21.23, 391% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.5% while the 50-day MA has advanced 0.8%.