Cisco System (US: CSCO) recovery after a sharp drop in early March 2020 has set its course to further upside once prices break the resistance zone at US$48.29-US$49.27. Based on the technicals, the probability of Cisco forming a new high has increased.
*The technical call is valid for 2 weeks only.
* Should the stock reverse and breaks below the pennant support at US$42.50, then the next price target will be at US$40.00.
Red dotted line = 200-day moving average
Blue dotted line = 50-day moving average
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks