Credit Suisse Group AG ADR (CS) has rallied smartly from it mid-year low. Can the rally keep going and what price targets are readable? Let's review the charts and indicators.
In this daily bar chart of CS, below, we can see that all our favorite indicators have a bullish alignment. CS is trading up the rising 50-day line and the rising 200-day moving average line. A bullish golden cross of these two averages can be see in August. The daily On-Balance-Volume (OBV) line shows a rise from April and a higher low in June when prices made a lower low. The OBV line has made a new high in recent sessions to confirm the new price highs. The trend-following Moving Average Convergence Divergence (MACD) oscillator has been above the zero line since September and is pointed up.
In this weekly bar chart of CS, below, we can see that prices are above the rising 40-week moving average line. There is some chart resistance (former support) in the $20-$22 area and more above $24. The weekly OBV line has been moving up since June and confirms the price advance. The weekly MACD oscillator is bullish.
In this Point and Figure chart of CS, below, we can see a longer-term downtrend. The 2016-2017 consolidation pattern can support a rally to the $19.50 area.
Bottom line: Credit Suisse has been rallying and the chart is still pointed up. However, overhead resistance could slow or stall the advance in the months ahead.
