CSR has achieved the $4.50 target mentioned below and price action has presented another target at $5.11 and higher subsequent target at $5.56. With 10 weeks of higher prices a retracement could be expected before price moves up to these targets (assuming it does, of course - with charting you need to continually reassess the price action).

18 September 2020

CSR last saw $7 about 15 years ago but there is nothing to say it can't get back there as there is a probability that if prices keep heading in that same general direction they have since 2012 then they might end up around $7. That said, a target like that is too far into the future and carries a high a risk that things might not work out that way.

Anyway, price is moving up nicely with a target of around $4.45 on the horizon and a subsequent break above $4.50 with some volume at that level could see a subsequent higher. Undoubtedly, there will be to odd retracements along the way (perhaps around $4.50) but at this time CSR looks positive to me.

CSR 18 Sept 2020

5 September 2020

CSR is a potential long term trade with a backtest showing the 5 positive and no losing trades from 2015 to the current date using a downtrend line break (or a higher low followed by a higher high in an uptrend) for an entry and a 10% stop loss or uptrend line break as an exit signal. I’ve got a video of this backtest in the pipeline for my Stock Commentary page.

Based on those entry rules last week gave a buy signal for this coming week.

Elliott Wave count is unclear but I’m thinking the March low was the end of Wave 2, putting price on the start of Wave 3 which (if correct) is the best time in a price cycle to buy. Stock is in an uptrend because the March fall was too short in time to qualify as a formal downtrend so the previous uptrend remains in force. Price is also coming off a significant low (the blue dashed line on the chart) meaning the potential for a fall below that support is low. I can’t find too many reasons not to buy CSR next week.

CSR 4Sept2020

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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