CSL.AX closes lower for the 2nd day in a row


CSL Ltd (CSL.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CSL.AX breaks key support level
CSL.AX dominated by bears dragging the market lower throughout the day
CSL.AX closes lower for the 2nd day in a row
CSL.AX ends the day on a bearish note closing near the low of the day
CSL.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, CSL.AX finished Thursday at 186.79 losing A$2.47 (-1.31%). Today's closing price of 186.79 marks the lowest close since June 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 188.24, the stock confirms its breakout through the previous session's low having traded A$1.45 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CSL.AX
Volatility

Thursday's trading range was A$3.70 (1.94%), that's above last trading month's daily average range of A$2.95. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Breaking below the key support level at 188.41 today, it is now likely to act as resistance going forward.

Trend

Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling might speed up should prices move below the nearby swing low at 184.38 where further sell stops could get triggered. As prices are trading close to June's low at 184.38, downside momentum might accelerate should CSL Ltd mark new lows for the month.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for CSL Ltd
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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