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While Cisco Systems Inc. (NASDAQ:CSCO) may not be making loud headlines, it's quietly setting the stage for a strong technical breakout.

With a Golden Cross in play, tech analyst Jim Lebenthal of Cerity Partners recently tipped Cisco stock on CNBC’s ‘Halftime Report Final Trades’ predicting the stock will "quietly hit a fresh high for the year."

This optimism comes even as Cisco's 2024 has been marked by significant layoffs. The company reduced its headcount by 7% in August after an earlier 4,000-employee reduction in February.

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However, according to the company’s own statement, these cuts are seen as part of Cisco's strategy to “invest in key growth opportunities.” Despite the workforce shakeup, Cisco has reported its second-best year ever, with nearly $54 billion in revenue.

From a technical standpoint, the Golden Cross signals a bullish trend as Cisco's share price stands at $53.05—above its 50-day and 200-day moving averages of $49.06 and $48.74, respectively. The stock's eight-day SMA of $52.46 and 20-day SMA of $50.76 further indicate that trading momentum is bullish across short, medium, and long-term indicators.

Even with some selling pressure, Cisco's stock has surged 5.91% in the past month and is up nearly 5% year-to-date.

Lebenthal's bullish forecast aligns with these upward technical signals, hinting at further gains ahead.

Investors may want to keep a close watch on this stealthy giant, as its Golden Cross could propel Cisco stock to new highs despite the challenges it has faced this year.

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This article Cisco Set For Technical Breakout As Golden Cross Signals Strength: Analyst Predicts Stock Will 'Quietly' Climb Higher originally appeared on Benzinga.com