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Cisco Systems (CSCO) in a Bullish Continuation Breakout

A week ago, we noted that Cisco Systems $CSCO was threatening a bullish breakout.

Cisco Systems (CSCO) Ready for a Bullish Continuation Breakout

The breakout materialized and I think we are going to see a sharp move to $60 with the $56-$57 area becoming potential support.

CSCO Daily Chart

(click to enlarge)

Bullish Breakout:
- As we can see on the daily chart, price was making higher highs during the consolidation period.
- Furthermore, the prevailing trend was already bullish.
- The $56-$57 area represents the resistance area of the consolidation. This area could turn into support in a bullish continuation scenario.
- Cisco has been having a resurgence after many years of consolidation. 
- I think the breakout that started in 2016-2017 has upside back towards the all-time-high just under $80. 
- I can see at least a push to the $70 area. But first we might see some consolidation right around $60.

CSCO Monthly Chart

(click to enlarge)

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