It has been a great June for Juniper Networks Inc (NYSE:) (+8%). Today’s gain (+2%) is the stock’s sixth straight advance. On Friday, JNPR took out the top band of a narrowing consolidation pattern that had been in place since late January (earnings 1/28/PM). This week’s gain has driven the stock past $28.50. The last time JNPR closed out a week above this level was late November 2018. We believe the stock is set up well for more upside.
Despite the recent run (JNPR is up 24% above its February/March lows/200-day moving average), the stock is far from overbought.
Layers of support are now in place between $28 and $27 (January/May highs).
JNPR sports a fairly juicy dividend (2.8%).
Note: We are long JNPR in some managed accounts.
You can read Gary S. Morrow’s original post here.
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