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Fan Yang

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.