On the weekly chart: if you draw a line from the top of the SP back at the top of Feb. 2023 through to the top of June 2023 through to the top of Feb 2024 and extend it to the right, and from the current price join a dotted line to $305, you may find that possibly the SP is forming an inverse head and shoulder pattern. At $305 approx. expect a pull back. If the SP then resumes its ascent, the maximum upside is equal to the last low point at $228.65, using the line and the last low point as measurement of expected future upside, and that's roughly $388. Based on today's closing price, that's a whopping 43% upside! Do I think the SP will get there? First, let's see if it gets to $305 and pulls back a bit, say, in June-July.
CSL Price at posting:
$279.58 Sentiment: Hold Disclosure: Held
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