The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
The hourly chart is now very overbought and clearly the risks of profit taking are high. CSL has rallied 5.5% since January 14, but the daily chart is very bullish from a momentum perspective.
I personally like buying pullbacks in the name, and it is clear that sell-offs are immaterial at present.
Take a look at CSR as well, with the daily chart now at a thirty-day high and momentum favouring long positions as well.