Cisco (CSCO) Nearing Stiff Resistance

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By Mike Paulenoff | Published 01/3/2012 | Stocks | Unrated

Cisco (CSCO) Nearing Stiff Resistance

Cisco (CSCO) acts extremely strong, but is approaching a challenging resistance area around 19.00.

The stock today has rocketed from around 18.00 towards a test of its key November-December resistance plateau, now at 18.95 (up to 19.05). This level will likely stall the current rally prior to a final thrust that projects to 19.25/35 to complete the initial upmove from the November-December bullish coil pattern.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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