tech
Cisco may finally extend meaningfully beyond prior highs, based on latest chart action
CSCO only just overtook its 2000 peak in February. Not many people realize this simply because it has taken so long to actually come back.
TL;DR
- Cisco's stock has finally surpassed its 2000 peak in February, after a long recovery period.
- A potential cup and handle formation has been observed, with a breakout occurring on Tuesday.
- The stock has a short-term target near $86.60 and may experience momentum buying as it re-enters a prior gap.
- Cisco has underperformed the Nasdaq 100 (NDX) for a long time, but recent performance shows it has done well.
- The current 1,000% advance from its 2002 low is a more measured pace compared to its pre-dot-com bubble surge.
- Sustained upward trend and relative outperformance against the NDX are key factors for future growth.