CISCO STOCKS FALL ON RATING DOWNGRADES
Cisco Systems stock is currently trading at 55.73-lower by 2.42% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.82%. The stock has continued falling after the opening bell.
Stocks of Cisco Systems fell on Wednesday after investment bank William Blair downgraded it to market perform from outperform. The bank cut its rating, citing risk that the weakness could drag on growth at the company in fiscal 2020, especially when compared against strong demand in fiscal 2019. William Blair also cited long-term threats from Arista’s entry into the campus market as another reason for the downgrade.
Stocks of Cisco Systems have rallied 32% so far this year.
On the technical front, the RSI is currently at 54.9% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
TRADE SUGGESTION- LIMIT SELL AT 55.77 TAKE PROFIT AT 55.37 STOP LOSS AT 55.97