andrew.berg
Long

CSCO needs to digest this afterearnings gap before continuation

NASDAQ:CSCO   CISCO SYSTEMS INC
Cisco reported.

The analyst expectations of $0.48 EPS             and $11.4 billion in revenue were both beat, as Cisco posted $0.51 EPS             (adjusted) and revenue of $11.5 billion. Net income for the quarter was $2.2 billion, off 12% from the same period last year.
The market generally saw Cisco's numbers as signs of progress. The fact that the company was able to beat its own guidance, as well as analyst estimates, gave the market the impression that the stock was starting to get some momentum swimming upstream.

It broke neckline of Head and Shoulders from my previous idea with powerful gap up.
New point of reference is $24.12. Need to digest this gap above for few days before continuation.
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