CSL ASX

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Hi,

The ASX200 is beginning what is looking like a pullback into support. However, it is still in an uptrend since the weekly MACD is still bullish and price is still above the 200EMA. Thus I entered CSL long.

DISCLAIMER: I am not a qualified financial analyst, the following is not advice.




Trend 

 CSL seems to be on an uptrend and the MACD has crossed over recently on the weekly and its histogram is showing bullish momentum.













Support

Price pulled back into the 50 EMA and is now heading higher. Indicating that it found support at that key level.

Oscillator

The stochastic indicates oversold and it has crossed over, further indicating the rejection of the support level at the 50EMA and allows for significant upside.

Momentum and Entry
The MACD histogram is showing bullish momentum and price formed a pinbar above the Mcginley dynamic. Bullish.

LONG: $192.66, 10 SHARES, 8 FEB 2019

Stop loss @ 187.11 = 2% Risk on this trade, 0.5% risk to portfolio. 



This is a shorter one but nonetheless hope you enjoyed my technical analysis. More fundamental analysis will be coming shortly.


Cheers,
Howard

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