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)