December 30, 2011

CISCO Triangle pattern

  • CISCO is showing a contracting triangle pattern in its four hour chart as shown in 2nd chart.
  • Weekly chart shows price unable to sustain above crucial Fibonacci level.
  • Considering the weekly resistance level a breakdown from the triangle pattern may take the stock back to its 200 SMA before the next up move.
  • For bulls price need to close the week above 38.2% Fib level.

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