Arista Networks (ANET) - Get Report  was getting crushed on Friday, down 23.5% after the company reported third-quarter earnings and issued disappointing guidance.

It's no surprise that after such a brutal one-day hit, Arista Networks shares fell to new 52-week lows. The report stunned investors, as guidance came in well below Street expectations.

Earnings of $2.69 per share beat estimates by 28 cents, while revenue of $654.4 million grew 16.2% year over year and eked past analysts' expectations. However, guidance for next quarter wasn't even close to acceptable. One could certainly make the case that Arista management should have pre-announced this dreadful outlook.

Management expects fourth-quarter revenue of $540 million to $560 million, much lower than the consensus expectation for $686.6 million. The midpoint of management's outlook is about 20% below the consensus estimate, all of which leads to Friday's beating.

Investors now are trying to figure out if this discount makes Arista Networks a worthwhile buy near current levels. It's also got Real Money looking at it as its Stock of the Day pick.

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Trading Arista Networks Stock

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Arista's report is also hitting Cisco Systems (CSCO) - Get Report , which is down about 1% on the day despite the Nasdaq and S&P 500 hitting new all-time highs in the session.

For Arista, one can see the action unfolding on the daily chart above.

Declines such as this are almost always unattractive on the long side. Particularly as ANET stock struggles to reclaim the prior 52-week low that was made in December. However, the weekly chart reveals what may be giving shares a boost of the morning lows. 

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Arista Networks stock is bouncing after temporarily breaking below then quickly reclaiming the 200-week moving average at $184.27. Further, the breakout zone at $180 from 2017 appears to be holding up as support. 

I don't suspect ANET stock will rebound up toward its 50-week and 100-week moving averages any time soon. These level will now likely act as resistance going forward. However, so long as $180 and the 200-week moving average continue to hold as support, aggressive bulls can look to play a bounce, potentially to $200 or higher should ANET gain some momentum.

Managing risk in this scenario is vital though, and a break below support would send a message to short-term buyers that they are wrong to be long. Below $180 and the post-earnings low near $173 could be in play. Below that and more selling could ensue.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.