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

CSL Ltd (CSL.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (CSL.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for CSL Ltd (CSL.AX) as at Jun 14, 2018

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.

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

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.

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.

Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when CSL Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!