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Tuesday, July 17, 2007

StockWatch: CSCO

CSCO has formed a base and is approaching a very important milestone - the $30 mark. It touched $30 briefly yesterday, but was not able to break out. From the 10 year chart below, you will see why $30 is an important mark for it to clear - it was a previous resistance way back in 1999 and at the start of 2004. If it is able to breakout of $30, next target will be $35.


Blogger Doug Greene said...

I was wondering if I could get a link on your page. I put yours on mine. Thanks


9:35 AM  
Anonymous Reno said...

Do you think even after that many years the chart way back then will have an affect on trading now? If so then I guess that means more people look at charts than just trading only on fundamentals probably.

12:49 AM  
Blogger Simply Options Trader said...

Hey Doug, thanks! Will check out your site.

Hi Reno, yes I do think so. There is a story behind every chart and prices do have memory. When a stock is trading at 52 week high, look back at the 2 year chart or as far back as you need to see the next resistance or support level. That's what I do :)

1:20 AM  

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