Cisco Nearing Stiff Resistance

Mid-Day Minute for Tue January 3rd 2012
by Mike Paulenoff, www.MPTrader.com

Be alerted when Mike posts an article

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 Nov-Dec 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 Nov-Dec bullish coil pattern.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.

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