Cisco Systems: Buying at Resistance Turned Support. We look to Buy at 59.26 (stop at 57.57)
CSCO - Short Term - We look to Buy at 59.26 (stop at 57.57)
Preferred trade is to buy on dips. We have a 38.2% Fibonacci pullback level of 58.97 from 51.08 to 63.84. Previous resistance, now becomes support at 59.00. 20 1day EMA is at 59.80. The bias is still for higher levels and we look for any dips to be limited.
Our profit targets will be 63.83 and 64.50
Resistance: 65.00 / 70.00 / 75.00
Support: 60.00 / 55.00 / 50.00
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