The focus has now turned towards the support of $45.13 as the market rally seems to be cooling

Taking a look at Cisco as the main focus has now turned towards the support of $45.13 after a clear break and close below the supportive trendline. Currently, its stock is trading at around $47.79 a share. The key support level is highlighted by the green trendline, the price tested this support on the week commencing 13^th of November but managed to close above it. However, the US markets seem like they are coming to a halt with the indices closing lower yesterday. Some profit-taking may also be underway, hence, we could see Cisco’s share price re-test this support in the upcoming weeks. A break and close below this support level, in theory, would be a bearish indication with the possibility of the price declining further towards $38-$40 a share. The bias has now shifted towards bearish, so it would be unreliable to analyse any resistance targets. However, a move above $48.77 would perhaps change this outlook. The technical indicators clearly indicate negative momentum with the MACD volume enlarged and the MACD line now below the zero line. The RSI has also now turned negative as it reads 38.