Cisco Inc. (CSCO) bullish scenario:The technical figure Ascending Triangle can be found in the daily chart in the US company Cisco Systems, Inc. (CSCO). Cisco Systems Inc., commonly known as Cisco, is an American-based multinational digital communications technology conglomerate corporation. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products. Cisco specializes in specific tech markets, such as the Internet of Things (IoT), domain security, videoconferencing, and energy management with leading products including Webex, OpenDNS, Jabber, Duo Security, and Jasper. The Triangle broke through the resistance line on 17/02/2023. If the price holds above this level, you can have a possible bullish price movement with a forecast for the next 7 days towards 52.35 USD. Your stop-loss order, according to experts, should be placed at 46.43 USD if you decide to enter this position.
Investors grew optimistic about Cisco's stock last week after the company reported non-GAAP (adjusted) earnings of $0.88 per share, which was an increase of 5% from the year-ago quarter and beat analysts' consensus estimate of $0.85.
The tech giant also impressed inventors with its second-quarter sales of $13.6 billion -- up 7% year over year -- which outpaced Wall Street's expectation of about $13.4 billion for the quarter.
Sales climbed higher due in part to the company's total software revenue rising 10% from the year-ago quarter to $4.2 billion. Cisco's management said on the company's earnings call that 84% of its software revenue is now subscription-based, up 4% from the year-ago quarter.
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