Cisco pierces current support - Analysis - 08-10-2019

Cisco Systems' stock fell and passed through the 47.09 support, representing the ratio  61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 40.05 to 48.22), amid negative pressures from the 50-day SMA and the RSI. 

Therefore we expect more losses for the stock, especially if the support of 47.09 was breached, targeting the next one at 44.45. 

Expected trend for today: Bearish