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The daily chart (which you can see below) continues to highlight the strength in the trend and the bias has to be to buy dips. Shorting this stock is not advised; that is unless we see evidence of a reversal either in the candles or divergence in the oscillators. As it stands now, traders would most likely not look to short this stock, and those who have tried in recent times would have had to take profits very quickly as downside moves have been bought straight away.
I still want to buy dips in this name and can’t bring myself to buy at current levels. However, if I was sitting on a long position and in the money I would stay long, that is until the market showed me more convincing evidence a reversal is on the cards.
Baxter reports tonight in the US and traders will be keen to see how this business is travelling as it is a key competitor of CSL.