CS formed a bull flag and broke out above, testing the upper resistance, which is now support.
It is a broadening flag.
The price target is around 15.50, which is in the upper part of the trading range (see my previous post for the trading range).
The Swiss listing of Credit Suisse CSGNZ of course shows the same pattern, but it is not broadening:
it suggests the same price target.
It is a broadening flag.
The price target is around 15.50, which is in the upper part of the trading range (see my previous post for the trading range).
The Swiss listing of Credit Suisse CSGNZ of course shows the same pattern, but it is not broadening:
Comment:
I posted the above comment as a separate idea for the chart:
A reverse (bullish) head and shoulders pattern formed which has about the same price target as the bull flag.
The flag was a short downtrend wich began by an oversold condition (see chart) and negative news on $DB.
The inverse (bullish) head and shoulders pattern is a reversal pattern.
Here are the calculations for both patterns:
(I used the Swiss listing, because it has greater volume and the chart is less gappy/choppy.)
The reverse head and shoulders pattern suggests a price target of 15.17 CHF (15.28 USD)
Distance top of head to neckline is 13.38 - 11.91 = 1.47
Which gives a PT of 13.70 + 1.47 = 15.17 CHF
The bull flag suggests a price target of 15.22 CHF (15.33 USD)
Height of pole is 13.66 - 11.34 = 2.32
Which gives a PT of 12.90 + 2.32 = 15.22 CHF
Incidentally Zacks recently upgraded $CS with a price target of 15 USD.