CSCO… Ouch & Add

[edit] I miss-wrote the title as CSCO… “Out” & Add. Maybe that was wishful thinking. It’s corrected now.

Unlike some internet geniuses who never seem to make a bad trade, I like to show my screw ups as well as the good ones. Holding CSCO into its earnings (which disappointed this time) was one of those screw ups.

Undaunted, I added some shares on this morning’s plunge. Now, the market may well go bearish (it has by and large not done so technically, yet) and that would change the orientation. But for now, a tech dinosaur is at support and I am thinking longer-term.

csco

Here is the weekly for perspective on the support area.

csco weekly chart

And here is the monthly showing the long-term breakout situation. I don’t know that I’d hold it below current support, but the big picture offers more support in the 28s as defined by the 2007 and 2015 highs.

csco monthly chart

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