CSL is well-known as one of Australia’s leading success stories. From its beginnings as a small government-owned enterprise, it has become an almost $130 billion market cap biotechnology company spanning the globe.
“The share price has defied gravity for many years,” Michael said. “However, because of an earnings slowdown due to COVID, the CSL share price is at the same level that it was at the end of 2019.
“It has effectively been trading in a sideways range since then.
“Many investors have been looking to take advantage of this trading range to buy CSL at those lower levels.
“It appears as though we have another one of those opportunities.
“In February, it bounced off the bottom of the range and then traded sideways.
“However, it appears to be getting ready to break out of this smaller range and that should lead to further recovery up to higher levels.
“Investors looking for that next recovery in the share price should now take note.
“A push above about $275 would be the buy trigger for CSL as it should set it up for a recovery to the top of the range again,” Michael said.
CSL Limited
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