CSL Sideways Move, Break Up or Down
CSL seems to have been moving Side ways from the high of $335 on the 17th Feb 2020, Resistance seems to be set around the $315 - $320 Mark with the market trying to push through this level on 4 occasions; 17th August 2020, 30th November 2020, 30th August 2021, and recently 22nd November 2022. From the RSI and MACD indicator below and the the bearish trend of the Overall market, I feel resistance level for CSL will remain the $415-$320 Mark.
I have drawn the current support level at the $270 mark as it has been support on 3 occasions; 27th July 2020, 11th January 2021, and 5th July 2021.
It has been a key level on one occurrence of 19th April, from resistance to support, additionally the recent Capital Raise was set at $273 per share.
I feel the next resistance level which will determine the direction for CSL for the next few months will be set at the $252 Mark, It has been a support level on two major occasions; the first being on the 23rd of March 2020 after the "Flash Crash", the second on the 8th of March 2021. The second date displays a Doji Candle trend reversal after the stock had been falling form the 30th November 2020 after failing to break the resistance level as mentioned above.
With the overwhelming amount of negative news lately I feel as if the $270 support level will be broken as the RSI and MACD indicator shows the Sellers are now in control. The next support level I've identified around the $252 mark, I feel it may bounce off this support level given the Strong fundamentals and CSL share holders being optimistic regarding the acquisition of Vifor Pharmar . The Moving average of 21 also shows the commencement of a down turn for CSL which from past data usually last 3-4 months.
I would keep ASX:CSL on a watch list to see how the price fluctuation unfolds and see what the charts are telling Us prior to Jumping back in, Would appreciate your feed back and your thoughts on CSL Australia.
Warm Regards
I have drawn the current support level at the $270 mark as it has been support on 3 occasions; 27th July 2020, 11th January 2021, and 5th July 2021.
It has been a key level on one occurrence of 19th April, from resistance to support, additionally the recent Capital Raise was set at $273 per share.
I feel the next resistance level which will determine the direction for CSL for the next few months will be set at the $252 Mark, It has been a support level on two major occasions; the first being on the 23rd of March 2020 after the "Flash Crash", the second on the 8th of March 2021. The second date displays a Doji Candle trend reversal after the stock had been falling form the 30th November 2020 after failing to break the resistance level as mentioned above.
With the overwhelming amount of negative news lately I feel as if the $270 support level will be broken as the RSI and MACD indicator shows the Sellers are now in control. The next support level I've identified around the $252 mark, I feel it may bounce off this support level given the Strong fundamentals and CSL share holders being optimistic regarding the acquisition of Vifor Pharmar . The Moving average of 21 also shows the commencement of a down turn for CSL which from past data usually last 3-4 months.
I would keep ASX:CSL on a watch list to see how the price fluctuation unfolds and see what the charts are telling Us prior to Jumping back in, Would appreciate your feed back and your thoughts on CSL Australia.
Warm Regards
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