Credit Suisse Group (CS) Trading at Range Support
Shares of Credit Suisse (CS) has been in a consolidation range since the end of 2017. Before that, there was a bullish push. So, we can say that the overall mode is neutral-bullish. However, the short-term mode has been bearish as price falls back towards the range support.
Credit Suisse (CS) Daily Chart
(click to enlarge)
- The daily chart shows the noted range and the prevailing uptrend from 2016.
- It also shows price falling in May after failing to break the consolidation range resistance.
- CS is now trading just above the range support which is in the 14-14.15 area.
- There 200-day simple moving average (SMA) could be an additional support factor.
- We should anticipate a bounce here back towards at least the middle of the range around 15. A break above 15 would put the focus back on the range resistance around 16-16.15.
- If price falls below 14.00, it would be a bearish breakout. Instead of neutral-bullish, the market would turn bearish.
- In this bearish outlook, CS would have the 12.60 area in sight.
- The area around 12.60 has provided support throughout 2016.