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Why CSCO is not moving higher?

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think_1 May 17, 2013 (Chinavestor) Short term upside is limited for Cisco Systems (NASDAQ:CSCO) according to the overbought monitor this morning. The stock jumped to $23.89 by Thursday's close and is extremely overbought as the chart below testifies. Nevertheless overbought is not the same as bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback.

 

Visit the following chart to assess half of the Dow components from a technical point of view.

 

OB_20130517



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