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Cisco Systems Inc., Technical Analysis

1/24/2023 10:04 AM

The shares of Cisco Systems Inc., an American manufacturer and supplier of network equipment for large holdings and telecommunication companies, are traded at 47.00.

On the daily chart, the price continues the implementation of the global ascending correction and is held below the base correction of 38.2% in Fibonacci at 48.30, approaching it from below.

On the four-hour chart, the current trend develops within a local downward channel, which can work as a Flag continuation trend pattern with the target at the intermediate correction level of 50.0% in Fibonacci 51.30.

Technical indicators reflect the presence of a downward correction but are close to transition: the oscillation range of the EMA on the Alligator indicator is actively narrowing, and the AO histogram forms correctional bars in the sell zone close to the transition level.

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