Cisco buoyed by current support - Analysis - 19-08-2019

Cisco's stock surged in the intraday levels after the support of 49.09 held on, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 40.05 to 58.22), while venting off oversold saturation in the RSI, amid negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower, especially if the support of 49.09 was breached, targeting the next one at 44.45, which represents the ratio 76.4% of the same retracement levels. 

Expected trend for today: Bearish