Technicals | Nov 17 2020
This story features CSL LIMITED. For more info SHARE ANALYSIS: CSL
By Michael Gable
As anticipated, the days since the US election are starting to provide us with some more opportunities and share markets continue to rally in line with our bullish outlook. In the last week have seen some nice moves in stocks linked to the re-opening of the economy. We have been talking about gaining exposure to these sectors, such as travel, for many months now, and despite some nice moves recently, they continue to break higher.
In this week's report we have observed a potential buying opportunity in CSL Limited ((CSL)).
Share price performance for CSL has been a bit lacklustre these last few months, but zoom out to a weekly chart and we can see that it has merely been consolidating against the fantastic rally of 2019. We are now seeing the first signs that it is ready to break out of this consolidation and resume the uptrend again (circled). Current levels are therefore a buying opportunity and if this breakout sticks, then we are looking at CSL rallying to new highs from here.
Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.
Michael is RG146 Accredited and holds the following formal qualifications:
• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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