CSL To Retest Its High?

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

By Michael Gable 

With our charting section this week, we have identified a potential opportunity to buy CSL Limited ((CSL)).

There is not much to add about the broader market. It remains choppy and most stocks struggle to move in the same direction for more than a couple of days in a row. One point to note however, is that despite all the talk of inflation and rising interest rates, the market has held in fairly well. This means that after the sideways chop, we are likely to see more movement on the upside, as opposed to a downwards correction.

The March low appears to be a successful retest of the 2020 low with CSL trending very well since then. We can see here on this daily chart that the shares have been stepping up quite nicely with the last couple of day's price action looking particularly bullish. Current levels are still a buying opportunity, as we expect CSL shares to go on and retest their all-time high.

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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