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- 9/22/2023 -
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Cisco Systems (CSCO) Technical Analysis
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|It was the negative week for the Cisco Systems (CSCO). During the week, the CSCO dropped -2.47 points, or -4.41%, and closed at 53.57 on Friday, September 22, 2023. It was the worst weekly loss since April 21, 2023. CSCO was trading at average weekly trading volume. |
CSCO is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See CSCO long-term trend chart]
A long-term downtrend had started on December 29, 2021 at 64.29 and reached 38.60 on October 13, 2022. CSCO lost 25.69 points, or 39.96%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (50.42) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See CSCO medium-term trend chart]
A medium-term uptrend had started on May 4, 2023 at 45.56 and reached 58.19 on September 1, 2023. CSCO gained -12.63 points, or -27.72%, in 17 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Weekly Technical Indicators: [See CSCO weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since June 9, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See CSCO short-term trend chart]
A short-term downtrend had started on September 1, 2023 at 58.19 and reached 52.85 on September 21, 2023. CSCO lost 5.34 points, or 9.18%, in 20 days. The price is now at the 13.48% retracement level.
Daily Technical Indicators: [See CSCO daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Use the following links to access Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since September 7, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
Candlestick pattern: [See CSCO candlestick chart pattern]
On Friday the chart has formed a Bearish Downside Tasuki Gap Candlestick pattern. This is a rare continuation formation that appears in a strongly downward moving market. The reliability of the Bearish Downside Tasuki Gap pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Downside Tasuki Gap Candlestick pattern during the last week.