LONG - CSCO SL: 46.60 (Suggested by our algorithmic systems) SL: 45.24 (Safer option, personal suggestion) TP: 49.60
Reasons behind this idea:
1. Resistance trendline is subjectly broken.
2. Clear bullish divergence on MACD indicator.
3. Bullish divergence on Stochastic indicator.
Caution: Earnings Report is due in a few days.
---------- Chart Drawings ----------
Red Dotted Line: Broken Resistance Trendline Purple Line: Suggested Stoploss by our algorithmic systems (under testing) Pink Line: Personal Stoploss Recommendation Green Line: Suggested Take Profit Green Arrow: Bullish Divergence
Please trade responsibly and good luck!
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Here is a screenshot of the idea from our mobile app currently under internal testing ibb.co/g4kQHnL
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Our mobile app adjusted the SL however the gap was too tight and it was stopped out too soon, resulting in a 50% profit (1:0.5). I suggest adjusting your stop loss if you haven't already to protect yourself from a loss.