The support pushes Cisco shares to rise again - analysis 24-06-2016

Cisco shares ended yesterday’s trading on Thursday higher by (0.50 point) or (1.74%) of the previous closure affected by the support level that coincided with the SMA 50, after it continued the previous rise as it was trying to reach the resistance level 29.40 as the highest recorded level during the previous trades within the fluctuation between this resistance and the support level of 28.65, as the price opened previously with a bullish gab that pushed it to pass both SMA 50 & 100 in addition to trading above   27.50 level, comes after the price was able to breach the sideways channels bottom line to achieve the expected target at 26.20 support level, and then to rebound from this support passing 28.65 level to hit 29.40 resistance and to fall in a sideways movement between these levels.

The price is trying to hold above 28.65 level as the highest recorded level during the current month, which will push the price to try to pass 29.40 resistance and to target 30.50 level.

Its recommended to start long positions from the current levels, to stop losses in case of daily closure below 28.65, targeting the resistance 29.40 initially which the price might pass.