Cisco (Nasdaq: CSCO): time to bounce?
After reaching a top last November ($34,34), Cisco is following a bearish trend. When stock price drop below 200 MA, falling was faster.
Last Wednesday, Cisco reported earnings, but company’s forecast was disappointing for analysts. It made share price fell last Thursday below $22 support level. But, at this level, stock price bounced. And, at the end of the day, the candlestick was a dragonfly doji
This candlestick is very reliable, and more when it takes place in a bearish trend and at a support level. Moreover, this dragonfly doji was confirmed last Friday when stock price closed over previous doji top.
So, we can expect a bounce next days. Our first goal would be $25, and the second one could be $26,70 (38,2% Fibonacci ratio of fall since November).
Suppor level (and stop loss): $22.
Responsable: José Carlos Estévez
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