Shares of Cisco Systems (CSCO) - Get Report have not been enjoying the latest run in the stock market.

While the Nasdaq, S&P 500 and Dow Jones Industrial Average have made new all-time highs in recent trading, Cisco stock remains well off its highs.

After topping out at $57.82 in July, Cisco's share price is almost $10 a share below that mark now, off more than 16%. Bulls will be looking for the company to get back on track after it reports its fiscal first-quarter earnings after the closing bell Wednesday.

From a fundamental perspective, there's a lot to like about the company. Growth is decent, the dividend is healthy and as some have noted here on TheStreet, its valuation is too low to ignore.

Technically speaking, shares seemed to have found their footing a bit too. Still, investors are justified in worrying about the quarterly results, especially after the dreadful guidance we got from Arista Networks (ANET) - Get Report .

Let's take a closer look at the charts.

Cisco is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CSCO? Learn more now.

Trading Cisco Stock

Image placeholder title

Upon first observation, the weekly chart reveals that the 100-week moving average is acting as support, while the 50-week moving average is acting as resistance. Bulls would have liked to see the $47.75 to $48 area hold as support given that this area marked a double top from the fourth quarter of 2018.

While that ideal scenario didn't play out, shares have seemingly found $46 to be support. Further, the 38.2% retracement for the one-year range comes into play at $46.27, while long-term uptrend support (blue line) is in play nearby as well.

Now, $46 becomes the downside level of support that must hold should Cisco stock sell off on earnings. Below $46, the 38.2% retracement and the 100-week moving average, and the 23.6% retracement is possible near $43.50, although $44 may step in as support before CSCO falls that far.

On the upside, see if Cisco stock can clear short-term downtrend resistance (purple line) and the 50-week moving average near $50. The latter is the gatekeeper to higher prices and can allow a return to $55+ in the longer-term time frames.

The keep-it-simple post-earnings setup is this: Over $46 is constructive and below leans bearish. Above $50 is bullish.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.