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
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):
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.