Today, leading computer networking company, Ciena Corp (NYSE:CIEN), is tanking after reporting earnings. The stock is falling lower by nearly 5.0 percent to $20.24 a share. CIEN stock is now trading below its 50-day moving average, this puts the stock in a weak technical position. The monthly chart is now signaling further downside for the stock. Traders must now look at the $16.75 area as the next major chart support level. Very often, when a stock declines so sharply in a single trading day it will take time before it will be defended by the institutional money crowd. I will be keeping this stock on my watch list until the equity drops into this important support level.