Cisco System INC. Stock Code CSCO.NAS
Price broke below the cloud last night after reaching a high of $48.45 on 11 Aug 2020. We think price may have reached a high and a new downtrend could be starting. The gap down below the cloud is a signal of a trend reversal after a 2-month bullish trend. Conversion and Base lines had a bearish crossover, confirming the bearish trend. Lagging Span is below price of 26 days ago but is inside the cloud at the moment. MACD is bearish. As long as price does not close the gap or move above the cloud, we think price is likely to test the Fibonacci 62% correction point at $38.15 of the rally from $31.73 to the high at $48.53.
$38.15 Price Target
$44.05 Risk Management Stop
3 weeks Trade Duration