Chart of the Day: A Bullpen Stock Quietly Nears Historical Highs
This name is just off its highs from 2022, but is certainly making progress.
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If you go back to the dot-com days in the 1990s you would find that at one point Bullpen stock Cisco Systems CSCO held the crown of most valuable company on the planet. But it was only for a short period when Cisco was "king," before the stock came tumbling down — and it was literally in a bear market for 22 years until it finally reached an all-time high in 2022.
That's right, a bear market. That is because the stock remained well below all-time highs, when other stocks in its space or just technology alone have hit new highs, even recently. However, now the stock is in a bull trend, and that may last awhile. The market cap for Cisco is high but not anywhere near where its competitors are at.
Can the stock make it to those all-time highs, let's call it $58, from last year? We think so. The stock remains bullish since the last earnings report in August, with a series of higher highs, higher lows, which is the textbook pattern of an uptrend.
MACD (moving average convergence divergence) is on a buy signal, and check out money flow, which is very strong and nearly overbought (does not mean sell). Stochastics (momentum) are embedded, which means dips are being bought.
Perhaps a move down to support around $52 might be a spot to add Cisco. We'll continue to watch it closely.
At the time of publication, TheStreet Pro Portfolio had no positions in nay securities mentioned.
