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Trade of the Day: Cisco Systems, Inc. (CSCO)

Look for new highs ahead of earnings

   

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Cisco Systems, Inc. (NASDAQ:CSCO) has been consolidating for nearly a month but has now completed a bullish flag continuation pattern. We expect the stock to continue climbing up past its previous resistance level at $34.50 (which was first established in February and then hit again in May) on its way to new 52-week highs in the run up to the company’s earnings announcement on November 15, after market close.

Cisco Systems has been making important strides in cloud computing and artificial intelligence — two hot-topic segments on Wall Street — with its Growth Software portfolio. After having devoted a lot of capital to R&D, we expect those strides to start materializing in higher bottom-line earnings this quarter.

‘Buy to open’ the CSCO December 35 Calls (CSCO171215C00035000) for a maximum price of $0.65.

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InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.

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Article printed from InvestorPlace Media, https://investorplace.com/2017/10/trade-day-cisco-systems-inc-csco/.

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