Could Cisco Systems (CSCO Stock) move towards the $47.5 level?

AAATrade Team AAATrade

When we look at the CSCO ‘s chart, we see it been trading in the $48.5 region on the 12th of May, falling temporarily to the $47.5 where it bounced and started a slow climb, moving into the $49.5 range on the 17th of May and then the $50.5 range on the 19th of May. It managed to reach as high as $51 during yesterday’s session but what followed was a retraction to the $48 level. It was last found trading at the $48.4 range.

Cisco Systems Inc. had scheduled a quarterly earnings announcement yesterday 19/05/2022. EPS estimates were surpassed however the Revenue estimates fell short which explains the retraction.

Today we can expect a move towards and below the $47.5 support level.

If, however, it manages to hold on to the current level then a move towards the $49.5 can be expected.

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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