The Tech Stock Trade: Cisco (NASDAQ:CSCO)
Yesterday, Cisco (NASDAQ:CSCO) reported earnings. Cisco is one of those old tech stocks, like Yahoo (NASDAQ:YAHOO), Microsoft Corporation (NASDAQ:MSFT) and IBM (NYSE:IBM). One thing they all have in common is the possibility of going lower in the coming days. Also important to note is that the major indices, specifically the S&P500 (NYSEARCAPY), saw some selling after making a new high.
Now, CSCO (NASDAQ:CSCO) has gapped higher and the daily chart is showing a topping-tail on volume. This action on the daily chart is telling us that institutions are selling the stock.
As a technical trader I will play this on the short side after a retrace into the tail to minimize my risk .
Join us in the Elite Round Table to get our live trade alerts, when we enter and exit stocks for profit,step inside here.
inthemoneystocks.com/member/round-table/content
Kristof De Block
Elite Round Table, Pro Trader
Now, CSCO (NASDAQ:CSCO) has gapped higher and the daily chart is showing a topping-tail on volume. This action on the daily chart is telling us that institutions are selling the stock.
As a technical trader I will play this on the short side after a retrace into the tail to minimize my risk .
Join us in the Elite Round Table to get our live trade alerts, when we enter and exit stocks for profit,step inside here.
inthemoneystocks.com/member/round-table/content
Kristof De Block
Elite Round Table, Pro Trader
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