Cisco Systems, Inc. (CSCO) shares are trading down for the ninth session in a row. Today’s weak start seems to have been quickly extended, bringing a penetration of 200 day SMA and as a result increasing the name’s slump from its early-March high to roughly 9.50%. Some shorting below today’s low of $27.07 could set the stock up for another leg lower below the $27 level and toward $26.80. A further breakdown under $25 opens a bearish price pathway for the stock that extends all the way to the $20 level last seen in mid-December 2013. Keep an eye short-term to see if ticker gets continuation to the downside.
During today’s trading session, CSCO opened 4c lower from the previous days close and kept printing lower lows for the majority of the morning, before settling into an intraday range of $27.17 to $27.20 with its 52-week range being $22.49 to $30.31.
Approximately 10.5 million CSCO shares have already changed hands, compared to the stock’s average 3-month daily volume of 23.9 million shares.