CSL.AX breaks below prior session low


CSL Ltd (CSL.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
CSL.AX dominated by bears dragging the market lower throughout the day
CSL.AX ends the day on a bearish note closing near the low of the day
CSL.AX breaks below previous session low
CSL.AX falls to lowest close since May 9th
TQ Sentiment
Report Sentiment: 83% Bearish
Technical Forecast:
Overview

CSL.AX finished Thursday at 175.69 losing A$2.65 (-1.49%). Today's closing price of 175.69 marks the lowest close since May 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 178.00, the stock confirms its breakout through the prior session's low having traded A$3.00 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$6.07 (3.37%), that's far above last trading month's daily average range of A$2.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Regardless of a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Trend

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

Conclusion

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

Market Conditions for CSL Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
Strong Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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