Cisco Bears Firmly in Control

Published on Friday, 27 August 2010 11:36 Written by Christian Paolinetti

New York, August 27th (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) booked a new 52 week low by trading below $20.68, traders are definitely monitoring Cisco's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Cisco Systems, Inc. supplies data networking products for the Internet. The Company's Internet Protocol-based networking solutions are installed at corporations, public institutions, home networks and telecommunication companies worldwide. The Company's solutions transport data, voice, and video between networks and computers around the world. Cisco was founded in 1984 and its headquartered in San Jose, CA.

Cisco is currently trading -0.72% versus its previous trading session close, and it has calculated support and resistance at $21.00 and $22.51 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 1.13% from its previous trading close, which means that Cisco stock is underperforming the overall market.