CSCO inverse Head and Shoulders
US markets (Dia, Spy) are trying to push to new highs. Money rotates to safe heaven, high dividend, large cap stocks (cnbc.com/id101643356).
Cisco is component of both indexes DowJones and S&P. It built nice inverse Head and Shoulders pattern with neckline @ 23.60ish area. And we have series of three higher lows: first is bottom @ $20.22 then right shoulder with support @ 22.30ish and yeasterday it closed strong well off the lows, bounced from 22.50ish support of that nice upper-level base, regained 8 and 21 moving averages.
It would be healthy to see some construction above short term moving averages and continuation move to test neckline @ $23.60 with potential break up.
ENTER long here @ low 23.00ish with STOP below $22.43, first TARGET @23.60.
Macro target is $26.50-27.00, but till then i wll navigate that potential trend up with active approach.
Cisco is component of both indexes DowJones and S&P. It built nice inverse Head and Shoulders pattern with neckline @ 23.60ish area. And we have series of three higher lows: first is bottom @ $20.22 then right shoulder with support @ 22.30ish and yeasterday it closed strong well off the lows, bounced from 22.50ish support of that nice upper-level base, regained 8 and 21 moving averages.
It would be healthy to see some construction above short term moving averages and continuation move to test neckline @ $23.60 with potential break up.
ENTER long here @ low 23.00ish with STOP below $22.43, first TARGET @23.60.
Macro target is $26.50-27.00, but till then i wll navigate that potential trend up with active approach.
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