Pennant resistance has held while the support has been weakened by lower low. Pennant pattern is ending. Support is weaker than resistance - expect it to break before resistance falls.
Cisco Systems trades in macro range - on 5 and 10 year basis. Price is now currently trading between 2 key levels. The lower level is combined from 5-year (260 weeks) and 10-year (520 weeks) means and is at about 22. The higher level is combined from upper 1st standard deviations from the same means and is at 27. Price trading within 1 standard deviation is not...
Watch when if it triggers for large volume. The EMA's are headed bullish and bounced off the 50 EMA. The SMA's are headed steadily higher. Stochastics gave a buy signal recently, RSI is slightly overbought and MACD recently is giving a buy signal. BB need to be broken. ADX is around 35 and would agree with the trade if it headed higher if it confirms. Trigger is...
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...