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Must-See Charts: Bank of America, Cisco

Technology giant Cisco Systems (CSCO - Get Report) has also had a slow start to the year, but unlike Bank of America, this communications and networking play has the potential to fall ahead of its August 11 earnings date.

In the data networking market, Cisco is the hands-down leader. The company owns impressive IP technologies and has a brand name that enterprise and retail clients trust. But that hasn't quelled the recession-induced sales slowdown. And it won't shake off a short-term downtrend.

Cisco saw a double top last week at $24, a reversal that pushed shares back below the 50-day moving average. Since then, the 50-day has been acting as resistance, holding share price levels underneath it. With double-top resistance just overhead and shares tracking sideways at present, a downward push seems likely. I'm betting that shares will tumble to $21 by August.

If you want to bet on a downside move for this stock, place your stop above the 50-day moving average.
Who Owns Cisco?
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BAC $13.96 -0.68%
BBL $24.78 2.40%
CSCO $26.28 0.27%
AAPL $92.79 -0.48%
FB $118.62 0.69%


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