Cisco Stock Analysis 31.10.2019

Cisco shares continue to move sideways through the support level of 47.03 after forming what looks like 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 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 on an uptrend towards overbought area, which will increase the positive pressure on the price and strengthen the support level.

Expected trend for today: Bullish.