Trading Idea: What to Expect as Cisco Breaks Resistance
Published on Tuesday, 07 August 2012 06:44 Written by TradersHuddle Wire
New York, August 7th (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) closed the session at $16.69 just above calculated resistance at $16.11. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
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 stock was trading in a well defined range with support at $14.96 and resistance at $16.11. Given that this range was broken, traders will be closely monitoring Cisco's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Cisco is still near the broken resistance level, traders will be focusing on the $16.11 level to see if the stock holds the breakout without rolling over.
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