• Cisco Systems reversed from long-term resistance level 50.00
• Likely to fall to support level 47.40
Cisco Systems under bearish pressure after the price reversed down from the long-term resistance level 50.00 (which has been reversing the price from the end for 2019) – standing close to the upper weekly Bollinger Band.
The downward reversal from the resistance level 50.00 stopped the previous medium-term impulse wave (3).
Given the strength of the resistance level 50.00 , clear bearish divergence on the weekly Stochastic indicator – Cisco Systems is likely to fall further toward the next support level 47.40.