CSL.AX stuck within tight trading range


CSL Ltd (CSL.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CSL.AX runs into sellers around 203.45 for the third day in a row
CSL.AX rises to highest close since July 20th
CSL.AX stuck within tight trading range
CSL.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

CSL.AX finished the week 2.08% higher at 202.63 after gaining A$2.02 (1.01%) today. Today's closing price of 202.63 marks the highest close since July 20th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for CSL.AX
Volatility

Friday's trading range was A$2.67 (1.33%), that's slightly below last trading month's daily average range of A$2.86. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 200.11 and 203.60 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 204.18. The stock ran into sellers again today around 203.45 for the third trading day in a row after having found sellers at 203.60 in the previous session and at 203.24 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 203.60 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 200.11 where further sell stops might get activated. With prices trading close to this year's high at 204.67, upside momentum could accelerate should CSL Ltd be able to break out to new highs for the year.

Conclusion

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

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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