Today’s instrument is Cisco Systems Inc.‘s stock traded on the Nasdaq exchange under the ticker CSCO.
When we look at the CSCO ‘s chart, we see it been trading in the $48.5 region on the 12th of May, falling temporarily to the $47.5 where it bounced and started a slow climb, moving into the $49.5 range on the 17th of May and then the $50.5 range on the 19th of May. It managed to reach as high as $51 during yesterday’s session but what followed was a retraction to the $48 level. It was last found trading at the $48.4 range.
Cisco Systems Inc. had scheduled a quarterly earnings announcement yesterday 18/05/2022. EPS estimates were surpassed however the Revenue estimates fell short which explains the retraction.
Today we can expect a move towards and below the $47.5 support level.
If however, it manages to hold on to the current level then a move towards the $49.5 can be expected.
(Click on image to enlarge)
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