• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Cisco Systems (NASDAQ:CSCO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cisco Systems (NASDAQ:CSCO) based on the price action in the company's shares. Today's price range of $39.69 and $39.88 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cisco Systems may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cisco Systems (NASDAQ:CSCO) is currently priced 9.9% above its average consensus analyst price target of $35.77. Cisco Systems shares have support at the 50-day moving average (MA) of $27.70 and additional support at the 200-day MA of $26.87.

Over the past year, Cisco Systems has traded in a range of $18.37 to $39.96 and is now at $39.69, 116% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

SmarTrend recommended that subscribers consider buying shares of Cisco Systems on October 20th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $34.20. Since that recommendation, shares of Cisco Systems have risen 16.8%. We continue to monitor CSCO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Cisco Systems

Ticker(s): CSCO