Send me real-time posts from this site at my email
Fan Yang

Cisco (CSCO) Breaks into Bullish Continuation

Cisco $CSCO has been bullish recently, breaking above a flag pattern. We assessed that this breakout would likely push CSCO above the 2018 high around $46.55 towards the $50 mark.

CSCO Daily Chart

(click to enlarge)

Bullish Breakout:
- From the daily chart, we can see that since price broke above the flag pattern, it has been pushing persistently.
- Then, after stalling at the $46.55 resistance for just one session, price eventually broke higher.
- Now, I think the market will start anchoring above $46, though even a retracement to $44 can be part of the bullish mode - but that probably won't happen unless the overall market also goes into correction mode soon.
- At the same time, the upside will be limited to $50 in the short-term, especially as the daily RSI pushes above 70 into over bought territory. 
- But if price indeed holds above $46 after a pullback, we might see CSCO eventually climb above $50. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue