Cisco near Support

Published on Tuesday, 29 June 2010 05:20 Written by TradersHuddle Staff

New York, June 29th (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) are trading very close to calculated support at $22.11 with current price action closing at just $22.42 places the stock price near levels where traders will start paying attention.

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's current stock range is defined by current calculated support defined at $22.11 and by the resistance level at $23.94, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Cisco's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $23.94 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.