Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
On May 10, we noted in our Trading Room that Cisco Systems, Inc. (NASDAQ:CSCO) has a potentially spectacular longer-term technical set up that exhibits a huge accumulation period and which is flirting with an upside breakout that will have far-reaching and very positive implications for the company going forward.
The stock was trading at $33.64/65 at the time. Fast-forward to yesterday, and CSCO opened on a 1.2 percent up-gap, closing at $34.23, in reaction to both Morgan Stanley's upgrade to OW from EW, a revised upside target of $39 from $32, and "security-driven networking share gains over the longer-term."
The recent/current "WannaCry" ransomware attacks tangentially benefit CSCO, which combined with Morgan Stanley's fundamental enthusiasm dovetails with my increasingly bullish intermediate and longer term technical outlook calling for a challenge and hurdle of key resistance at $34.53-.60 that triggers upside targets of $35.60-.90, then 37-38 in route to my optimal target zone of $41-$43.
Keep in mind, that CSCO reports quarterly earnings tomorrow, Wed May 17, after the close. The fact that Morgan Stanley upgraded CSCO right in front of earnings coupled with the bullish technical set up suggest strongly that CSCO just might be entering a "research sweet spot" in the days directly ahead.
See charts illustrating the technical patterns on CSCO.
Mike Paulenoff is a veteran technical strategist and financial author, and host of MPTrader.com, a live trading room of his market analysis and stock trading alerts.
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Image Credit: Prayitno
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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