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Tickers in this Article: CSCO
New York, November 26th (TradersHuddle.com) - Cisco Systems, Inc. (NASDAQ:CSCO) closed the trading day at $18.84, near its 50 day and 200 day moving averages currently set at $18.29 and $18.35 respectively. Cisco's price action placed the stock above these important levels, which could translate into a trading opportunity.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.

Although, the price is above important moving averages, it's important to highlight that this is not a prime setup for buying the dip strategy, as the 50 day moving average is currently below the 200 day moving average.

The peaks and troughs algorithm shows calculated support at $16.68 and resistance at $18.25. These levels should also be evaluated by traders when planning their next move, as they provide an insight into the latest price action.

If traders want to establish a long position in Cisco, it will certainly be better to wait, given that the stock is technically broken with the 50 day moving average trading below the 200 day moving average. Traders can also look at the current range defined by the peaks and troughs to establish a short trade versus those levels.

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