Concerns are high based on technicals, will earnings shift this bias for the near term?

Taking a look at Cisco as it reports earnings tomorrow. Currently, its stock is trading at around $44.88 a share following what seemed like a head and shoulders formation, contributing to the sell-off from a technical standpoint. The head and shoulders pattern is highlighted using the ovals on the chart. Based on this weekly chart, we can see the price is on the verge of breaking below the support of $44.70. A fall below here would likely increase the possibility of a deeper decline toward the key support of $38.60 (white trendline - also the low point of 2023). The bias is certainly towards the downside, but this does not mean more downside is guaranteed. A positive earnings report could shift this bias for the near-term, but it would require much better results and guidance than expected in Minipip’s opinion. Investors would need a move above $48.93 and then $49.98 for some reassurance and relief. The technical indicators also point towards further downside, favouring the bears. The MACD is seen turning negative and the RSI is sliding as it reads 35, therefore, caution should remain. Signs of consolidation around $37-$39 would provide a better opportunity for investors/long traders in terms of risk to reward.