Is CSCO's Setup Poised for Upside Acceleration?
![Mike Paulenoff](/assets/cdn/static/mptrader/images/mike-paulenoff.gif?id=853baf5e048aaccf8689bd216813fa18)
by Mike Paulenoff
April 2, 2023 • 1:56 PM EDT
At the close of Q1, 2023, the big-cap technology names recorded the following very impressive 3-month gains: NVDA +90%, META +76%, TSLA +68%, CRM +50%, AAPL +27%, MSFT +21%, and GOOG +18%.
Although CSCO has lost a bit of its "sex appeal" in recent years and more often than not flies under the radar, the stock was up 10% during Q1, 2023! If its near and intermediate-term technical setup provides us with any indication of what's ahead, then CSCO should be "above the fold" on anyone's shopping list during the remainder of this year.
Indeed, back on Friday, March 24, 2023, with one week remaining in the month and in Q1, 2023, Mike Paulenoff alerted MPTrader members to his technical work in CSCO:
CSCO has been on my radar screen since mid-February just prior to earnings, and as long as any forthcoming weakness is contained above 47.90-48.00, my pattern work argues that CSCO is biding time prior to a powerful upside breakout from a near-1 year base accumulation setup that projects considerably higher later this year... Keep it in mind, even though it no longer has the cache of the mega-techs... Last is 50.32...
Fast-forward to the end of last week (3/31/23). we find CSCO at 52.40, perched right at the high for the day and for the week, up 4% from the prior Friday when Mike posted his chart work to the MPTrader Coverage List and into the MPTrader Discussion Room.
What's next for CSCO? Join Mike and our members for their ongoing intraday conversations about CSCO as well as many other investable opportunistic setups evident and emerging in individual names, ETFs, macro indices, commodities, and Bitcoin. In addition, observe, participate, and learn from their insightful discussions about economic, political, and geopolitical trends that are impacting the financial markets.
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This past Monday, July 15, right after the opening bell, Mike Paulenoff cautioned our members about the technical setup in TSLA (Tesla), writing:"TSLA is in the grasp of a corrective period off of last Thurs (7/11) high at 271.00 that hit an initial low at 231.52 last Friday (7/12). The big rebound off of 231.52 to 262.72 during this AM's pre-market trading has the right look of an "intervening bounce" between two distinct corrective declines (the first being 271 to 231.52).
This week's selection for our Top Call -- VZ (Verizon Communications) -- is less a function of its recent success and more a reflection of Mike's technical setup work that projects gains in the days and weeks ahead. On June 17, one of our MPTrader members (FJB) alerted us to his fundamental work on VZ. After seeing his positive comments, Mike Paulenoff posted the following technical interpretation of the pattern setup:"... somewhere above 36.
On the morning of June 20, Mike Paulenoff posted a heads-up about AMD to MPTrader members, writing:"AMD has been upgraded this AM by Piper Sandler with a Target Price of 175. Piper reiterated its OverWeight rating and has made AMD its top big-cap pick for the remainder of 2024. Technically, AMD has its challenges and its work cut out for it to climb to Piper's 175 target. My attached 4-hour chart setup argues that for starters, AMD needs to climb above 158.
On the afternoon of May 7, 2024, ahead of earnings the next morning, this is what I discussed with MPTrader members about a forthcoming opportunistic technical set in UBER (Uber Technologies):UBER reports earnings tomorrow morning before the opening bell. My Big Picture setup suggests strongly that the bull phase that commenced in June 2022 at 19.90 still has unfinished business on the upside into the 90-100 target window.
This coming week is filled with consequential macro and micro "events," such as NVDA's 10 for 1 stock split, CPI, PPI, and TSLA's annual meeting, during which shareholders will vote to approve or reject Elon Musk's 2018, $56 billion pay package.Arguably, the most significant "event" for the technology sector, in particular, and for the major equity indices is Apple Inc.'s WWDC Conference, which begins tomorrow.