TheStreet's Quant Ratings quantitative-analysis service has upgraded Ciena Corp. (CIEN) to a "B- Buy" from a previous "C+ Hold." Now, I always keep track of Quant Ratings' upgrades and downgrades to see if they cover a stock that I've recently written about, or one that looks worth looking at in terms of technical analysis.

I do the same thing sometimes with stocks that have been upgraded or downgraded based on fundamental analysis. After all, technical analysis is a tool that can complement other investment approaches. Results matter, and a combination of tools can give you greater confidence when you do in fact "pull the trigger."

So, let's check out Ciena's charts. In this daily bar chart of CIEN, we can see prices have trended higher the past 12 months -- but we can see that corrections/pullbacks have taken place, too:

The chart above shows that the stock has had a number of upside and downside price gaps with volume surges. However, Ciena's price is currently above the stock's rising 50- and 200-day moving-average lines.

But check out Ciena's daily On-Balance-Volume line (OBV) in the middle panel. The OBV line declined from September to April, then has improved a little since then. I would say such a weak OBV line is a very bearish indicator. Lastly, the lower panel of the chart above shows a Moving Average Convergence Divergence oscillator (MACD) that's recently turned down to a fresh sell signal.

However, we should look at Ciena's weekly chart as well:

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