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Rant & Rave Blog

Finisar Corp (NASDAQ-FNSR) Dumps After U.S. Bans Sales To China's ZTE, Watch This Trade Level

Posted by Nick Santiago Monday, April 16, 2018, 11:29AM ET

Read 560 times

This morning, many of the leading optical device makers are plunging lower on the session. The decline comes after the U.S. Commerce Department banned domestic companies from selling components to Chinese telecom gear maker ZTE. Leading optical device makers such as Finisar Corp (NASDAQ:FNSR), Lumentum Holdings Inc (NASDAQ:LITE), Oclaro Inc (NASDAQ-OCLR) and Acadia Communications (NASDAQ:ACIA) are all under early selling pressure today.

Finisar Corp (NASDAQ-FNSR) has been down trending since March 2017. At that time, FNSR stock traded as high as $35.00 a share. Today, FNSR stock is trading lower by 0.76 to $15.52 a share. Traders should note that the stock should have some very solid support around the $13.75 area. This is where the stock broke out on February 2016. Very often, past breakout levels will be defended when initially tested. Finisar Corp is expected to report earnings on May 1, 2018.

 

Are you prepared for the market action, read this to find out.

 

 

 

Nick Santiago

www.inthemoneystocks.com

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