Last week, we discussed Cisco Systems (CSCO) and the possibility of a bearish breakout from a recent range. However there were buyers at support and price rebounded. Cisco Systems (CSCO) Daily Chart(click to enlarge)Bearish Bias:- While we did see buyers at support this past week, I still think CSCO looks bearish.- First of all, we should acknowledge the prevailing bearish reversal off of the double top. - Secondly, price is still under the 200- and 100-day simple moving averages (SMAs) while the RSI has remained below 60. - These are signs that the market is still bearish.- Finally, consider Friday (8/25) price action. Within the context of last week's price action, the Friday candle would be known as a shooting star. This is similar to the price action in June when price came up to test the 32.45 pivot area. - A shooting star is usually known as a sign that bulls are giving up and bears might push back.- Price has been oscillating between support and resistance. The inability to reach resistance before price comes back to support would be a bearish sign.- If this does happen, we should not rely on the 30.35 support.