Founded as a Federal government department in 1916 and privatised in 1994, CSL Limited is an Australian multinational specialty biotechnology company that researches, develops, manufactures and markets products to treat and prevent serious human medical conditions.
“We last looked at the CSL chart in June, where we noted a few factors that suggested that it should start to trend higher again,” Michael said.
“It’s worth revisiting the chart because it’s holding up well, despite the broader market.
“In my interview with Peter Switzer on 13 September, I warned that the broader market was looking very vulnerable and at risk of heading lower.
“However, the CSL chart is telling us that it wants to hold in here and possibly head higher while the market eases back.
“We can see that in the last few weeks, it has broken above a major resistance level (blue line) and has come back to successfully retest it (circled). The strength here in CSL is a positive and it is now highly likely that we see a multi-month rally in CSL which should take it to new all-time highs.
“Although I have recently cashed in a few positions for my clients, CSL is one that I would be happy to hold on to here,” Michael said.
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