Cisco attacks the support again- analysis - 02/05/2016

Cisco shares closed lower on Friday trades by the end of the last week about (-0.47) point or (-1.68 %), where the price traded below the bullish channel’s bottom line to trade currently above 27.50 support level after it failed to hold below it during the previous week, it also noticed the price formation for a sideway channel after breaching the previous one, were the breaching of any of this channel boards will determine the price next direction.

It is expected for the price to continue the decline during the upcoming trades by the stability below the mentioned channel’s support, as it will be pushed to target initially the support level 26.20, but the price must hold below 27.50 support, but if the mentioned support held it will push the price to retest 28.65 resistance again.