Cisco Systems Still Range Bound Despite Changes In The C-Suite

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.''Cisco Systems (NASDAQ: CSCO) shares are trading by $0.17 at $29.30 in Monday's session. Investors are digesting the nes that Chuck Robbins will be succeeding John Chambers as CEO.When the news was announced during premarket trading, the shares plunged from Friday's close ($29.13) all the way to $28.60. The premarket low coincided with a series lows at the $28.70 level over the past six trading sessions. It quickly rebounded from that level and has traded no lower than $29.07 during the regular session. The issue is finding resistance in a familiar area as well. So far, it has reached $29.36 in today's session. That coincides with a pair of highs from April 24 ($29.28) and April 28 ($29.33).