February 4, 2011

CISCO Trying to close the GAP

  • CISCO is trying to close the GAP in its daily chart. Price will meet its 200 Day Moving Average soon so further up move will happen only if the stock manages to break above this average line.
  • Price has closed above 50% Fib retrace level of its fall. So the next target is 22.46 which is the Golden Ratio. Closing above Golden ratio will be important for the momentum of bulls.
  • Getting resisted near 200 DMA will favour bears.

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