Helluva June for Juniper Networks(+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 Feb/March lows/200D 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%).
Long JNPR in some managed accounts.