Cisco is Near a Key Support Area
Published on Monday, 29 October 2012 07:12 Written by TradersHuddle Wire
New York, October 29th (TradersHuddle.com) - Shares of Cisco Systems, Inc. (NASDAQ:CSCO) ended the trading session close to calculated support at $17.07, a level that will raise the attention of traders looking for an entry point.
Cisco's stock range is defined by its calculated support defined at $17.07 and by the resistance level at $19.40. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
Traders wanting to establish a position should pay close attention to Cisco's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $19.40 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Cisco Systems, Inc. closed at $17.29 in the prior trading session.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.
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