Is Cisco Expecting Resistance Soon?
Published on Monday, 02 July 2012 07:04 Written by TradersHuddle Wire
New York, July 2nd (TradersHuddle.com) - Cisco Systems, Inc. (NASDAQ:CSCO) ended the trading session at $17.17, near its 50 day moving average set at $17.48. Cisco's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $16.22 and resistance at $17.63. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Cisco, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
- Is Cisco Ready for a Rest?
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- Dow's Top Performers :CSCO, HPQ, IBM
- Approaching Resistance: Cisco
- Trading Idea: Is Cisco Breaking Out?
- TradersHuddle Mid-day Update: Dow Jones Lower Top Performers: HPQ, DIS, CSCO
- Cisco Is Close to Resistance
- How to Play the Setup in Cisco
- TradersHuddle Mid-day Update: Dow Jones Higher Top Performers: CAT, UNH, TRV
- Is Cisco Close to Support?
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