“CSL shares have done phenomenally well since listing”, Michael said.

“However, its share price has gone nowhere in the past two years,” he added.

“Despite this, it looks like the company is getting its mojo back.

“The fact that its share price bottomed in February, well before the rest of the market, is a bullish sign. Now we can see it forming a clear line of resistance at $300, which it has already tested on a few occasions.

“Price action in the past few days is telling us that CSL will be back on the move here and current levels are a buying opportunity.

“Those who are a bit more conservative can wait for the decisive break above $300. That should then lead to a decent rally, similar to what we saw in late June/early July.

“Initial resistance is likely to be felt near $320,” Michael concluded.

CSL Limited (CSL)

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