Cisco Systems had a big surge in March, followed by two months of upward sloping consolidation. Now the chart may be signaling another leg to the upside.
First, prices have held the 50-day simple moving average (SMA) and are bouncing. That suggests the uptrend is intact.
Second, notice the sharp drop on June 18 followed by a quick rebound. That resulted in a kicker candlestick pattern -- a sign of buyers lurking beneath the surface.
Next, CSCO closed above its 21-day exponential moving average (EMA) yesterday for the first time since June 15. That could soon pull the 8-day EMA above the 21-day EMA, which could indicate shorter-term momentum is getting bullish.
Fourth, CSCO just completed a bullish inside week. That can be a sign of prices stabilizing before a push to the upside.
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First, prices have held the 50-day simple moving average (SMA) and are bouncing. That suggests the uptrend is intact.
Second, notice the sharp drop on June 18 followed by a quick rebound. That resulted in a kicker candlestick pattern -- a sign of buyers lurking beneath the surface.
Next, CSCO closed above its 21-day exponential moving average (EMA) yesterday for the first time since June 15. That could soon pull the 8-day EMA above the 21-day EMA, which could indicate shorter-term momentum is getting bullish.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
