Today’s instrument is the Cisco Systems Inc. stock traded in the Nasdaq exchange under the ticker CSCO.
If we look at the CSCO Weekly chart, we can see has been stuck in a channel during the past week, without any notable moves. Yesterday 17/11/2021, CSCO announced their third-quarter earnings report, showing better EPS and slightly missing their Revenue forecasts. The price dropped to as low as $56.25 near the open during yesterday's session but then recovered, closing the day at $56.69. The nearest support level can be found at $56.5 and the closest overhead resistance of $57.
Today we could expect a move upwards near the resistance of $57 possibly further towards $57.25.
If however, it doesn’t manage to hold above the current price range then a case can be made for moving towards and below the support of $56.5.
Thank you for reading AAA Trades Intraday Technical Analysis.
From all of us here, we wish you successful and responsible trading.
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