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Fan Yang

CSG Systems Intl (CSGS) - Expect the Bounce from Support to be Weak this Time

CSG Systems $CSGS has been bullish since 2011, but failed to make a new high in 2018. Looking at the weekly chart below, we can see that price is now testing a rising trendline, and is just above a key neckline around $35.50. 

CSGS Weekly Chart

(click to enlarge)

Price Top?
- When we look at the long-term picture like the weekly chart above, we can see that price action has shifted from bullish to sideways. 
- If price can hold above $35.50 it might still be bullish-neutral. But a break below might open up a bearish outlook.
- So far, it looks like the market is buying above this neckline, and is respecting the 200-week simple moving average (SMA). 
- However, with the price structure of a top since 2016, I suspect that a bounce would only bring CSGS to $40. I don't think price should push above $43 if it is indeed developing a price top.

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