Cisco Close to the 50 Day

Published on Monday, 30 January 2012 08:16 Written by Danny Miller

New York, January 30th (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) closed the trading day at $19.56 close to its 50 day moving average currently set at $18.67. Cisco's price action is just above this important support level translating into a trading opportunity.

Cisco Systems, Inc. (NASDAQ:CSCO) 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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $17.62 and calculated resistance at $20.07. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Cisco will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.