Cisco (CSCO) – Downgraded on Softening Demand – Oct 24th, 2019
S&P 500 Market Outlook: Bearish
Bearish Trade: CSCO $47.05 – Technology
The bearish DailyPlay we chose for Thursday, Oct. 24, is Cisco (CSCO). CSCO turned bearish on Oct 2nd. CSCO customers are delaying orders because of their uncertainty about what seems to be a weakening world economy. The Technical Score on CSCO is a weak 3 out of a possible 10. Support @ $45.51 with resistance @ $50.41.
As a top loss, if CSCO was to trade at above $49 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. Consider taking losses if the price of the trade falls to $0.73 or below.
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