LOCATION: Double bottom forming off of .618, not yet confirmed. Price currently between .618 and .786 from fib off of breakout and uptrend from 2017. MACD: Triple bullish Divergence (Market Structure in MACD) WILLY: Coming out of oversold (Market Structure in Willy) VOLUME: Green bar Impetus Notch in volume profile needs to be filled Huge gap needs price discovery At POC for support.
Cons: No moving average convergence Would like to see price action form W at a little lower level between most recent .618 and .786
Fundamentally:
Cisco is a leader in video conferencing, strong fundamentally against a backdrop of Covid isolation and quarantine. Unfortunately, lots of other very significant events happening in the US and globally that could disrupt and invalidate any TA.
Trade: R/R 6.4:1 NASDAQ:CSCO Front run the double bottom formation and enter trade off of .618 @ $38.74. Set stop just below bottom of potential W formation at $37.44. Sell order at $45.79 for the whole position at a fill of the notch, a revisit to the gap, and a touch of volume high on volume profile.
*Not trade advice, for entertainment purposes only. DYOR