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Cisco (CSCO) in a technical bullish continuation breakout

Shares of Cisco (CSCO) have been bullish in 2016. It started the yeaer around 22.50 and has almost gotten up to 32 in September before consolidating. 

CSCO 4H Chart 9/22

(click to enlarge)

Consolidation triangle:
- As we can see in the 4H chart, CSCO retreated from around 31.90 and came down to about 30.60. Then it started to coil into a triangle.
- The 9/21 session showed a market ready for bullish continuation.
- Price started to anchor above 31.00, and ended the 9/21 session with a bullish breakout from the triangle.
Bullish continuation:
- With the prevailing uptrend intact, we can take this bullish breakout as a sign of bullish continuation
- First target could be 32 again with upside for second target towards 34, which is near the highs of 2007.

Here's the latest news for CSCO from StreetInsider.com:

Cisco (Nasdaq: CSCO) and Salesforce (NYSE: CRM) announced a strategic alliance to enable business users to be more productive than ever before. The two companies will jointly develop and market solutions that join Cisco's collaboration, IoT and contact center platforms with Salesforce Sales Cloud, IoT Cloud and Service Cloud. (full article from StreetInsider.com)

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