Cisco Systems’ (CSCO) weekly and point and figure charts still bearish despite this week’s rally

Cisco Systems (CSCO) has rallied a bit in the last couple of days and some of the talking heads on CNBC are touting the stock, but its weekly and point and figure charts are still bearish. Charts are here.

Morningstar.com still estimates CSCO’s fair value is $31. It closed Friday at $22.43.

The stock hit its 52-week low on July 16, a couple of days after I noted here that CNBC’s Karen Finerman, a hedge fund executive, recommended the stock.

I’ll wait until the charts go positive before considering CSCO. So far, all we’re seeing are a few rallies in CSCO’s bear market.

I don’t own CSCO, but my investment club does.

For educational purposes only. Investigate before you speculate.

Posted by Donald E. L. Johnson on 07/25/2008 at 04:05 PM

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