- Cisco Stock Price (NASDAQ: CSCO) prepares for 3rd attempt to break the 52 week high.
- CSCO Stock Price sustains above the 50 and 200 day showcase uptrend.
- Cisco System Stock Price recovered 15% approx from the recent swing high.
Cisco Stock Price (NASDAQ: CSCO) performed well in the past 2 months and recovered 15% approx from the lows. Buyers are preparing for the 3rd attempt to break out of the 52 week high.
CSCO Stock displayed a bullish pattern and price is rising upward by forming higher high swings. The momentum looks strong and the support level keeps shifting higher indicating buyers dominance.
Cisco Stock sustains the price above the 50 and 200 day EMA showcase uptrend. Therefore, if any short term retracement arrives then then it is likely to bounce back from the support.
Cisco System released the previous quarter earnings on May 17, 2023. The Stock Price reacted positively and took a sharp U-turn from the $45.00 support. It rallied 15% approx in a short span of time.
Recently, a few days ago, Prices faced resistance at $52.00 and sellers tried to reject to show dominance in the supply zone. However, the price took support at the 50 day EMA and showed a decent bounce.
Cisco Stock Price closed the previous session at $51.82 with an intraday rise of 0.15%. The market capitalization stands at $211.17 Billion.
Will Cisco Stock win the battle at 52 week high?
Cisco Stock Price is quite volatile but seems to be consolidating in the wide range between $45.00 to $52.00. It might be a sign of the long term base formation.
Till the price is sustaining above $48.00 it is expected to remain in the bulls grip and probability of the breakout remains high. If the buyers succeed to break $52.00 then the next phase of rally will trigger and begin the journey to reach $56.00.
However, if the CSCO Stock Price faces rejection then bears might try to pull it down to retest the EMA. The technical analysis suggests, Cisco Stock Price is in uptrend and buyers have high probability of winning the battle.
The momentum is still intact in CSCO Stock
CSCO Stock Price is rising for 8 consecutive weeks by forming higher highs which has grabbed the attention of investors. The positive momentum is still intact and no signs of fear is visible in the market.
Cisco Stock turning bullish on multiple time frames and which is boosting the confidence of investors. The MACD curve is reversing upward and on the way to generate a positive crossover. It indicates that bulls are active and prices are likely to trade with bullish bias.
The RSI at 64 pointing upward denotes the strength of the bulls and more room for upside is open.
Conclusion
Cisco Stock Price (NASDAQ: CSCO) recovered 15% approx from the lows and attempting to break the 52 week high. The technical analysis suggests, CSCO Stock price is in uptrend and the probability of breakout remains high in the favor of bulls.
Technical levels
Resistance levels: $52.61 and $57.00
Support levels: $48.00 and $45.00
Disclaimer
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