Cisco nose dived on last week's closing sessions with 1D turning aggressively bearish (RSI = 34.865, MACD = -0.320, Highs/Lows = -2.0286). The stock may be well below its July's High but there is a technical pattern that presents the current 45.00 level as an optimal medium term buy opportunity.
In 2012 we had a similar price action, which following a Death Cross on 1D, made a bottom on a symmetrical Higher Low Support and initiated the new multi-month buy sequence. We are on an identical price action at the moment and with the RSI hitting the same bounce level we believe Cisco is near a bottom (even symmetrical as seen on the chart). 54.00 appears to be a reasonable long target for the first months of 2020.
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In 2012 we had a similar price action, which following a Death Cross on 1D, made a bottom on a symmetrical Higher Low Support and initiated the new multi-month buy sequence. We are on an identical price action at the moment and with the RSI hitting the same bounce level we believe Cisco is near a bottom (even symmetrical as seen on the chart). 54.00 appears to be a reasonable long target for the first months of 2020.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial