Watch These Cisco Price Levels as Stock Surges After Strong Earnings, Job Cuts

Group 1 - Cisco Systems' shares increased in premarket trading after the company reported earnings that exceeded Wall Street's expectations and announced a 7% reduction in its global workforce [1][2] - The company's shares have declined approximately 10% since the beginning of the year, but they rose by 6% to $48.17 shortly before the market opened [2] - Cisco plans to invest in key growth opportunities to diversify its revenue, as its core networking business has faced pressure due to enterprise customers transitioning to cloud computing [2] Group 2 - Cisco shares formed a head and shoulders pattern from April 2023 to January 2024, indicating a potential market top, and a bearish death cross occurred when the 50-day moving average fell below the 200-day moving average [3] - Despite breaking below the neckline of the head and shoulders pattern, trading volumes have been low, indicating a lack of conviction in the downward movement [3] - Following the earnings report, investors should watch for resistance levels at $48.50, $50, $52.50, and $58, where selling pressure may occur [4][5]