Cisco Stock Analysis 24.10.2019

Cisco shares are back higher after we breached 47.03 resistance and form a double bottom pattern.

Previously, Cisco shares plunged to the bottom of 46.30, ending the sideways movement in which it has been moving over the past two weeks. The stock dropped above support at 50% Fibonacci retracement and then next support at 61.8%.

Stability above the 61.8% Fibonacci retracement is a key factor to start the course

A bullish condition on which the price is able to breach the 50-20 moving averages that move above the price and form resistance levels.

Stochastic is in a downtrend after it has reached overbought area, so it is possible to see a test of 47.04 support again.

The general trend is to the upside