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Fan Yang

Credit Suisse Group (CS) Trading at Small Range Resistance

Credit Suisse Group $CS has been consolidating after a bearish year in 2018. After falling to almost $10 a share in December, price was able to rebound back to almost $12.60 before settling into a range with support just above $11.50. 

CS Daily Chart

(click to enlarge)

Testing Resistance:
- As we can see on the daily chart price has been in the $11.50-$12.60 range. 
- We also see that the RSI has tagged 70 and has since held above 40. This shows a slightly bullish bias against the prevailing bearish trend.
- If price closes above $12.60 this week, we are likely going to see another bullish correction swing to $13.50. 
- The 200-day simple moving average (SMA) is around $13.50. 
- The most aggressive bullish outlook for now should be limited to $14.60, which is the bottom of a previous consolidation period in 2018. 
Overall Structure:
- Look at the weekly chart below.
- Even though we can anticipate short-term bullish outlook, we should be cautious about the long-term outlook. 
- The prevailing trend is still bearish. 
- Again, this is why I would limit the bullish outlook to $13.50 and $14.60. 

CS Weekly Chart

(click to enlarge)

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