The Tech Stock Trade: Cisco (NASDAQ:CSCO)
Yesterday, Cisco (NASDAQ:CSCO) reported earnings. Cisco is one of those old tech stocks, like Yahoo (NASDAQ:YAHOO), Microsoft Corporation (NASDAQ:MSFT) and IBM (NYSE:IBM). One thing they all have in common is the possibility of going lower in the coming days. Also important to note is that the major indices, specifically the S&P500 (NYSEARCAPY), saw some selling after making a new high.
Now, CSCO (NASDAQ:CSCO) has gapped higher and the daily chart is showing a topping-tail on volume. This action on the daily chart is telling us that institutions are selling the stock.
As a technical trader I will play this on the short side after a retrace into the tail to minimize my risk .
Join us in the Elite Round Table to get our live trade alerts, when we enter and exit stocks for profit,step inside here.
inthemoneystocks.com/member/round-table/content
Kristof De Block
Elite Round Table, Pro Trader
Now, CSCO (NASDAQ:CSCO) has gapped higher and the daily chart is showing a topping-tail on volume. This action on the daily chart is telling us that institutions are selling the stock.
As a technical trader I will play this on the short side after a retrace into the tail to minimize my risk .
Join us in the Elite Round Table to get our live trade alerts, when we enter and exit stocks for profit,step inside here.
inthemoneystocks.com/member/round-table/content
Kristof De Block
Elite Round Table, Pro Trader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.