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- Cisco System Inc. Q2 earning estimates remain stable at $0.85 and revenue estimate at $13.43B.
- NASDAQ: CSCO stock price is stuck in the narrow range between $46.00 to $50.00.
Cisco System Inc (NASDAQ: CSCO) stock price is reversing upward after taking support at the lower ranges. The bulls are trying to push the prices above the 200 day EMA to show its dominance on the lower levels. However, it will be interesting to see how prices will react after Q2 earnings.
In the previous session CSCO stock price closed at $47.70 with the intraday loss of 0.33%. The market cap stood at $195.956 billion.
Will the Cisco price breakout of the $50 hurdle?
Cisco System Inc(NASDAQ: CSCO) stock price has been quite stable and stuck in the narrow range between $46.00 to $50.00 which is expected to see expansion on either side soon. CSCO stock price tried multiple times to breakout of the higher range but unfortunately the bears seem to be very active around the supply zone and dragged the price back to the lower levels.
In the beginning of January, Cisco price reclaimed the 200 day EMA which have made long term investors hopeful. Thereafter, the entered into a consolidation phase which can be interpreted as a sign of long term base creation. The Q2 earnings are scheduled for release today and if CSCO beats street estimates, then the probability of an upside range breakout will increase in favor of the bulls. However, if the price reacts negatively after the earnings, then $46.00 will be acting as an immediate support level for bulls.
Technical indicators including the MACD curve is sloping sideways indicating that the consolidation may continue for some more time and the RSI at 48, also denoting the same.
According to Yahoo Finance, CSCO Q2 earning estimates remain stable at $0.85 and the average revenue estimate at $13.43 billion which shows that market analysts are quite confident about the future outlook of the company’s fundamentals.
Summary
CSCO is quite a stable stock and has rewarded its short term investors who had succeeded in identifying the opportunity near to the demand zone. However, currently the prices seem to be stuck in the present range. Momentum will pick up if the bulls are able to break out of the $50.00 hurdle level.
Technical levels
Resistance levels : $50.00 and $52.00
Support levels : $46.00 and $44.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
