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Cisco shares awaiting SMAs’ support - analysis 01-08-2016
Cisco shares ended Friday’s trading slightly higher by (0.01 point) or (0.03%) of the previous closure trying to inspect 31.20 resistance after trading above 30.50 level, comes after it was able to adjust the support level to 27.15 and then to rebound passing the SMAs 50 and 100 and the resistance level 28.65 to trade currently above 29.40 level, also after facing the level 29.40 as the highest recorded price during the previous trades after the fluctuation between this level and the support level of 28.65, as the price fell previously to retest 27.15 level.
The price succeeded to hold above 28.65 level previously as the highest recorded level during the previous month, which pushed the price to pass 29.40 resistance and also 30.50 level.
Generally; the continuation of the current rise requires the stability of the price above 30.50 level which will push the price ahead 31.20 resistance and may extend to 32.00, but trading back and holding below 30.50 will push the price to retest the support 29.40.
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Bank of America re-tests the support - analysis 01-08-2016
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