Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Cisco Breaking Out?


Purely from a technical perspective, we can make the case that with the series of higher-highs and higher lows since the August 31 low at 19.82, Cisco (CSCO) is in the process of completing a pullback from Friday's recovery high at 22.25 (into today's low at 21.86). If accurate that means that the rally off of this morning's low is the start of a new upleg that should hurdle 22.25 on the way to 22.50 next.

Furthermore, if we incorporate the action from mid-August into our analysis, then the larger picture has the look of a 6 week accumulation pattern that has the potential to propel CSCO into the 23.50/80 target zone, provided the price structure hurdles and sustains above 22.50. At this juncture, only a reversal of today's rally from 21.86 to 22.13 and a plunge beneath 21.70 will compromise the timing to the anticipated upside breakout above 21.50. MJP 9/27/10 12:15 PM ET (22.10)

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!