Juniper Networks Inc. had a sharp decline from $45.01 (U.S.) to $14.01 (A-B), settled in a horizontal trading range between $15 and $23 (dashed lines) and then another range between $19 and $28.50 (dotted lines).
The recent rise above these ranges signalled renewed investor interest and the start of a new up-leg (C). Current levels should provide a good entry level. Only a sustained decline below $26 to $27 would be negative. Point & Figure measurements provide targets of $34 and $39. The large trading ranges (dashed and dotted lines) support higher targets.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com.