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Stock market: has Cisco reached a limit?
Trade ideas
SELL 55.95; TP 54.90; SL 56.15
BUY 57.20; TP 58.00; SL 57.00
The stock of Cisco formed a doji “shooting star” candlestick on the weekly chart. The price has been rising for 4 months in a row and is now at the all-time highs. It gained more than 40% since the last year’s corrective bottom. Obviously, the stock is now expensive, and investors may decide to take profit.
The daily chart shows that the pair formed a lower high. The decline below 56.00 will lead to a “double top” and open the way down to 54.85. On the other hand, an advance above 57.15 is needed to resume the uptrend with the target at 58.00.
The near-term downside looks more likely. In the longer term, Cisco represents a way to bet on a promising 5G market and thus remains attractive, so traders may look for buy opportunities at lower levels.
Notice that to trade stocks with FBS you need to open an MT5 account in your personal area.
Elizabeth Belugina
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