CSL.AX pushes through 50-day moving average

CSL Ltd (CSL.AX) Technical Analysis Report for Sep 14, 2018

Highlights

CSL.AX closes above its opening price after recovering from early selling pressure
CSL.AX finds buyers at key support level
CSL.AX pushes through 50-day moving average
CSL.AX finds support at 50-day moving average
CSL.AX runs into sellers again around 211.28

TQ Sentiment

Report Sentiment: 44% Bullish
Technical Forecast:

Overview

CSL.AX ended the week -0.01% lower at 210.62 after gaining A$4.28 (2.07%) today. Trading up to A$1.55 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CSL.AX

Volatility

Friday's trading range was A$2.83 (1.35%), that's below last trading month's daily average range of A$4.10. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 208.45 during the day, the share bounced off the key support level at 208.60. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 213.66. After having been unable to move above 211.00 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 211.28. After trading as low as 208.45 during the day, CSL Ltd found support at the 50-day moving average at 208.55.

Trend

Though CSL.AX is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock managed to break above the 50-day moving average at 208.55 today for the first time since February 14th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 213.66 where further buy stops could get activated.

Conclusion

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

Market Conditions for CSL Ltd

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Latest Report:

CSL.AX breaks below prior session low

Sep 24, 2018
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