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

By Amy Schwartz

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 $47.95 and $48.25 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, 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.

Potential upside of 1.4% exists for Cisco Systems, based on a current level of $47.96 and analysts' average consensus price target of $48.62. The stock should find initial support at its 50-day moving average (MA) of $46.82 and further support at its 200-day MA of $44.34.

In the past 52 weeks, shares of Cisco Systems have traded between a low of $33.67 and a high of $49.47 and are now at $47.96, which is 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Cisco Systems. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cisco Systems in search of a potential trend change.

Keywords: bearish inside day candle Cisco Systems

Ticker(s): CSCO