Sunday, December 09, 2007

CSCO Analysis for 12.09.2007

Cisco Systems Inc.

Monthly chart shows an abc 3 wave pattern into the $34.34 high. Price has fallen below the prior high and key LIS of $29.39.

Weekly chart shows selling pressure, with no buy signal in place. Look for further weakness.

Daily chart shows no buy signal in place. Current price is below all key moving averages. Friday's price action produced a bearish engulfing candle pattern. IF the current low holds, THEN look for a retracement of the last move down and a better entry for sell short.

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