CSL: Offering Buying Opportunity

Technicals | Sep 13 2022

This story features CSL LIMITED. For more info SHARE ANALYSIS: CSL

By Michael Gable 

The S&P500 Index has bounced off that major support level near 3900 and it is now trading above the 50-day moving average. It therefore looks positive in the short-term here.

However, while we are still under the 200-day moving average, we expect it to continue to deliver short and sharp dips and rallies along the way.

Today's research has charting commentary on CSL ((CSL)).

The fact that CSL bottomed in February, well before the rest of the market, is a bullish sign.

Now we can see it forming a clear line of resistance at $300 which has already been tested on a few occasions.

Price action in the past few days is telling us that CSL will be back on the move here and current levels are a buying opportunity.

Those who are a bit more conservative can wait for the decisive break above $300. That should then lead to a decent rally, similar to what we saw in late June – early July. Initial resistance is likely to be felt near $320.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

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

Disclaimer

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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For more info SHARE ANALYSIS: CSL - CSL LIMITED