: CSCO) than the previous dips down established in mid-May and in early July. To a price chart analyst, such a pattern is not bullish as the trend downward is confirmed. That doesn’t stop those who want to pick bottoms and come away as stock trading heroes. The 2-days of October buying have taken Cisco back up to 41.82. Look for relief rally blockages at the declining 50-day moving average, $44.20 and at the previous resistance of just above $46.
There are many more examples of potential relief rallies now going on with many well-known, name brand stocks. Institutional investors will be looking to the CPI and PPI numbers to be released later this month to gauge how much further the Fed might go with interest rate hikes. That will be telling for stocks now being purchased.
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