Is Cisco Breaking Out?

Published on Monday, 06 February 2012 07:12 Written by Christopher Lynn

New York, February 6th (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) closed the trading session at $20.09 just above calculated resistance at $20.07 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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.

Cisco's stock was trading in a well defined range with support at $17.62 and resistance at $20.07, given that this range was broken traders will be closely monitoring the stock