source:tradershuddle.com
Shares of Cisco Systems, Inc. (NASDAQ:CSCO) closed the trading session at $21.26 below calculated support at $22.11 breaking the stock technically, raising concerns by investors, as the move might trigger more selling.
Cisco's stock was trading in a well defined range with support at $22.11 and resistance at $23.94; given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.
From a technical perspective it can be expected that previous support becomes resistance, as the new range gets defined, however, given that Cisco's stock is still near the broken support, traders will be focusing on $22.11 to see if the stock can bounce back and return to its previous range.
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