Day three: our CSL trade

Once again buying dips in CSL has proved tough, with the stock running away from my limit. 

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.

IG Charts

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