This is a six month daily candlestick chart of market darling CSL, from Incredible charts.
Long-suffering retirees who for more than a decade, have endured negligible interest rate return on their bank deposits, have again been denied relief in the recent cash rate rise.
They should perhaps consider an equity investment in CSL!
After a dramatic decline in the share-price in the first half of this period from $325 to $240, a positive half-yearly report provided a much needed stimulus.
In the second three months CSL has traded in a $30 triangular trading range
from which it is likely to break-out. With an upward trend of higher lows, the probability is that the break-out will be to the upside.
Two chart features in the most recent price action heighten anticipation:
- The share-price has penetrated an established support-resistance line at $272.
- The share-price has also broken above the valuable 120 period moving average.
If the uptrend resumes, the next target would be $288.
I recommend that potential investors seek qualified personalized advice first.
Categories: Chart Review