Cisco: ⬆️ Buy
– Cisco reversed from support level 104.00
– Likely to rise to resistance level 112.50
Cisco recently reversed up from the support zone between the support level 104.00 (which stopped wave 1 at the end of September), the support trendline of the daily down channel from the start of June, the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the start of April.
The upward reversal from this support zone completed the short-term impulse wave (i) and started the active correction (ii).
Given the strength of the support level 104.00, Cisco can be expected to rise further toward the next resistance level 112.50 – which stopped wave b in the middle of September and wave a earlier this month.