Cisco Stock Analysis 17.10.2019

Cisco shares plunged to the bottom of 46.30, ending the sideways movement in which it has been moving in the past two weeks. The stock dropped above support at 50% Fibonacci retracement and then next support at 61.8%. This is under the negative effect of moving averages that move above the price and push it down.

Stable trading below the 61.8% Fibonacci retracement is a key factor to start the course.

A bearish condition on which the price manages to breach 46.30 support.

The Stochastic is in a sideways path that tends to rise and tries to push the price off the support level.

Overall trend: Bearish.