Cisco Selloff Incoming? We look to Sell a break of 53.44 (stop at 54.96)
Short Term - We look to Sell a break of 53.44 (stop at 54.96)
There was little net movement as we continue to consolidate within the 54.00 - 57.00 range. Mild losses have been posted and our bias turns to the downside. We look for losses to be extended today. Further downside is expected, however, due to the strong support below we prefer to sell a break of 53.44, which will confirm the bearish sentiment.
Our profit targets will be 48.49 and 44.77
Resistance: 57.00 / 60.00 / 70.00
Support: 54.00 / 50.00 / 48.00
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