Cisco Systems, Inc. supplies data networking products for the Internet. The Company's Internet Protocol-based networking solutions are installed at corporations, public institutions, home networks and telecommunication companies worldwide. The Company's solutions transport data, voice, and video between networks and computers around the world. Cisco was founded in 1984 and its headquartered in San Jose, CA.

Cisco's stock was trading in a well defined range with support at $22.64 and resistance at $24.89; given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous support becomes resistance, as the new range gets defined, however, given that Cisco's stock is still near the broken support, traders will be focusing on $22.64 to see if the stock can bounce back and return to its previous range.

Traders wanting to establish a short position in Cisco can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes at previous support of $22.64. For traders wanting to establish a long position the current setup is to wait for the stock to get back to calculated support, given that the stock is still near from this level.