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Can Cisco Really Keep Chugging Higher?

Cisco ( CSCO) has been on a tremendous run since the Brexit low. The stock's rebound off the June 27 spike low, which nearly reached the 200-day moving average, has driven shares almost 10% higher. This week Cisco has moved into new 2016 high territory after slipping past very heavy resistance just below $29.50.

In the near term, the stock is set up well for more upside, but investors may find it wise to wait out a pullback.

Just before the two-day Brexit selloff, Cisco was consolidating in a tight range just above the March/April highs. The stock was in need of a rest following its powerful post-earnings surge a month earlier. Cisco appeared on the verge of a fresh bull leg at the close of trade on June 23. The Brexit...