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Cisco Systems Inc., Technical Analysis
12/20/2022 10:09 AMThe shares of Cisco Systems Inc., an American manufacturer and network equipment supplier for large holdings and telecommunications companies, are trading at 47.00.
On the daily chart, the price continues its upward movement and, after consolidation above the 38.2% basic correction level at 48.30, is correcting downwards.
On the four-hour chart, it can be seen that the current decline is the result of the implementation of the local Head and shoulders pattern, the target of which is the initial correction level of 23.6% Fibonacci around 44.60. In case of a reversal and growth of quotes, 38.2% at 48.30 will act as resistance.
Technical indicators reflect a possible decline, although they hold a global buy signal: the EMA fluctuation range on the Alligator indicator is actively narrowing, and the AO oscillator histogram is forming downward bars, being high in the buy zone and approaching the transition level.
