New Upleg For Cisco (CSCO)

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By Mike Paulenoff | Published 04/6/2010 | Stocks | Unrated

New Upleg For Cisco (CSCO)

My near- and medium-term pattern work argues that Cisco (CSCO) ended a correction from the 3/25 high at 26.85 into last Thursday's low at 25.66, and has since embarked on a new upleg that should hurdle 26.85 on the way to 27.25/50 next. Only a break below 25.66 will compromise my current outlook, and will point to additional corrective weakness into the 25.00-24.80 area prior to the next upleg.

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

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