Playbook: Cisco Stock Has Intriguing Chart Setup

CSCO is also ripe for upgrades that could fuel a breakout

CMT, Senior Market Strategist
Feb 1, 2023 at 8:00 AM
facebook X logo linkedin


Below is an excerpt from this yesterday's episode of Schaeffer's Playbook of the Week, featuring Schaeffer's Senior Market Strategist Matthew Timpane. Below, Matthew makes a bullish case for oil & gas stock Cisco Systems Inc (NASDAQ:CSCO).

"We’re going to remain bullish heading into the Fed week. We'll see if that changes next week, but for now, we have to maintain that stance as long as indexes are above their 200-day moving averages.

Cisco is in a flag pattern, and has a volume point of control (VPOC) support level you can see in the chart below. The 200-day moving average is down there as well. The 50- and 55-strike calls are sold to open above, so dealers are long calls.

Analysts are on the fence, so some outperformance could trigger upgrades. Of the 20 brokerages covering CSCO, 12 rate the stock a "hold" or "strong sell."

PLBK CSCO

 

Join Schaeffer's Playbook of the Week now and tune in every Monday morning at 8:30 a.m. to get ready for the trading week with me. Click here for more information to get started.

Schaeffer's Playbook of the Week

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI