Day two: trading CSL

CSL did pull back to $69.70 on open yesterday, but found buyers shortly after and therefore still remains well below my entry target. 

There is a good chance I will look to move my proposed entry level closer to market this week, but I still maintain that while momentum is extremely strong, signs on the hourly chart suggest the stock could pull back a touch.

It is also worth bearing in mind that US pharma giant Baxter reports on Thursday and it is a key rival of CSL, so traders will be keen to look out for signs that CSL has picked up market share.

IG Charts

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