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Peet_Serfontein
Aug 18, 2023 8:13 AM

CSCO: gap trade? Long

Cisco Systems, Inc.NASDAQ

Description

Is this a breakaway gap: These gaps occur at the end of a price pattern and signify the beginning of a new trend. It is challenging to trade these as they can indicate strong momentum.
A price action above 53.00 supports a bullish trend direction.
Further bullish confirmation for a break above 56.00.
The target price is set at 57.00.
The stop-loss price is set at 53.00 as well.
The stock is already overbought and one might need to wait for a pullback before entering into a position.
Comments
Mihai_Iacob
I like your analysis for CSCO I rise is possible.
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