20.12.2018
Cisco was able to confirm the completion of the double-top reversal pattern as the price broke the neckline and managed to breach the support level 44.26 which is at 61.8 Fibonacci retracement and completed the bearish path to stop at 78.6 at 42.94 as this level supported the price.
In general, the price has retreated more than 61.8 Fibonacci, so it is possible to say that the previous bullish movement is over, and we are in a downward spiral.
The moving averages are pushing the price and pushing it further downward as these averages move at almost the same level and this increases the negative pressure on the price towards the downside and further decline.
Stochastic has reached the oversold area and is due to the sideways movement in this area. Therefore, this movement will negatively affect the price and increase the downside.
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