Cisco Stock Could Test Resistance
| Nov 18, 2021 07:27AM ET
If we look at the Cisco (NASDAQ:CSCO) weekly chart, we can see it has been stuck in a channel during the past week, without any notable moves.
On Nov. 17, CSCO announced its third-quarter earnings report, showing better EPS and slightly missing their revenue forecasts.
The price dropped to as low as $56.25 near the open during yesterday's session but then recovered, closing the day at $56.69.
The stock can find the nearest support level at $56.5 and the closest overhead resistance at $57.
Today we could expect a move upwards near the resistance of $57, possibly further towards $57.25.
If it doesn't manage to hold above the current price range, then a case can be made for moving towards and below the support of $56.5.
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