Cisco shares are trading in a sub-branch rally near the resistance of 53.95 as the price tested it and failed to break it to continue the correction of the ascending channel that was trading within it as the level of 53.98, a historical level has never achieved before.
In general, we are still within the ascending trend in which the stock is trading.
Positive momentum comes from moving averages that are still moving below the price in a bullish order of 7-20-50, respectively.
The Stochastic started in the bullish cross and therefore we can see the retry trying to breach the resistance again.
It should be noted that a breach of the upside channel will lead to a strong correction movement as a result of the profit taking on the price pushing the price to the downside towards the support level 49.51.
The general trend of the movement is bullish.
