Sep. 17 at 2:44 AM
$CSCO is sliding, and the chart is carrying a pretty clear bearish lean right now. 🐻 At
$107.88, it's stuck in a strong downtrend with resistance sitting just overhead at
$109.01. That level matters a lot here. In a downtrend, any bounce into resistance tends to get sold, and that's basically the situation CSCO finds itself in. A move below
$103.51 would strengthen the bearish case and suggest more room to fall from there. On the flip side, a sustained push above
$109.01 would start to chip away at the current structure and be worth paying attention to. For now though, the weight of the chart is pointing down and rallies look suspect until proven otherwise. Worth keeping an eye on if you follow this one.
Want the entry points behind these levels? There's more on this setup, but it doesn't all fit here.
Not investment advice. Always do your own DD!
