Cisco is forming bearish reversal pattern with potential Right shoulder near $25.20. Previously, I was bullish on this stock (check my ideas in the links below) but sentiment is constantly changing and point to reduce risk was at $25.60 on 31 of July when upper-level base was broken.
Now, price broke down trend up and trading on its 100 EMA that acted like support in the mid of August.
Break and close below 100 EMA will trigger my SHORT entry with risk above $25.00. Also, I switch my bias from neutral to negative on overall market, as S&P looks broken (doesn't mean its short especially when oscillators are oversold below -75).
Now, price broke down trend up and trading on its 100 EMA that acted like support in the mid of August.
Break and close below 100 EMA will trigger my SHORT entry with risk above $25.00. Also, I switch my bias from neutral to negative on overall market, as S&P looks broken (doesn't mean its short especially when oscillators are oversold below -75).
