Cisco Is Near a Key Resistance Area
Published on Thursday, 23 August 2012 06:12 Written by TradersHuddle Wire
New York, August 23rd (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) are trading very close to calculated resistance at $19.27. The stock ended the trading session at just $19.22, which is near levels that make it difficult to buy or start a position.
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 range is defined by its calculated support defined at $14.96 and by the resistance level at $19.27; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Cisco. However, as the stock pulls back towards $14.96 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $19.27 then traders will get an opportunity to enter the stock as it moves to a higher range.
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