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Off the Charts: Hess says Cisco Systems (CSCO) is running up to earnings

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Petra Hess of PetraPicks.com says that Cisco Systems (CSCO) is testing a resistance level the company hasn’t seen since 2007, and that if the stock breaks through it will be blue sky to price levels not seen since 2001, when the high was $77.63. Cisco reports earnings on Nov. 15, and Hess won’t hold through earnings, but she sees a run-up to earnings — one of her favorite patterns — if the stock breaks out past $34.59. At that point, she plans to buy, looking for a breakout-and-go; she thinks CSCO could hit those record levels long-term, and she would stop out of the stock if the move fails to hold Friday’s bottom at $34.01.

Petra Hess runs PetraPicks.com and is a technical swing trader and long-term investor in domestic and Canadian stocks and ETFs. At the time this interview — which was taped on Oct. 29 — was posted on RagingBull.com, she had no shares, options or open orders on CSCO. She is watching the stock planning to buy if it moves past $34.59 for a swing trade that will be closed prior to Nov. 15, as described in this interview. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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