Solid News
Cisco Systems Inc., Technical Analysis
3/14/2023 10:03 AMThe shares of Cisco Systems Inc., an American manufacturer and supplier of network equipment for large holdings and telecommunications companies, are correcting at 48.40.
On the daily chart, the price is completing the construction of the second Shoulder of the global Head and shoulders pattern with the Neckline at 51.70.
On the four-hour time interval, it is clear that the quotes reached the Neckline in mid-February but failed to break it, rolling back down. Now, the asset is in a local ascending channel with dynamic boundaries 47.00–51.00, preparing for another attempt to grow, and the formation will begin to be realized after it consolidates above 51.70, and until that moment, it is better to adhere to the corridor.
Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are above the signal line, and the AO histogram forms corrective bars in the buying zone.
