The Cisco Systems
shares price dropped in the first part of this month, after the earnings
release and the buyers came in the market in the $16.36 area to stabilize the
price.
The long term chart reveals the strong horizontal support in
the $13.60 area that was successfully tested in March 2009 and in August 2011.
However, the market developed lower highs in the past five years, giving a sign
that the bears are still dominating the market.
Focusing on the mid-term price action, we can notice that
the price is stalling in the 61.8% retracement level of the August 2011 – March
2012 rise that ties in with some key points set in the summer of 2011. Whatever
the main trend direction will be, a move towards the $18.23 (+9.0%) level is
likely in the next weeks.
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