Caltex Australia Limited (CTX.ASX) | 27/06/2017 | 1 Year, Daily Chart
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27/06/2017
25/07/2017
22/08/2017
19/09/2017
16/10/2017
13/11/2017
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11/01/2018
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11/03/2018
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10/05/2018
7/06/2018
Quick breakout and failure
from a weak base
Strong price action with the stock
moving above its 50 day moving
average. At the current juncture
we would like to see the stock
consolidate here
Throughout the year the stock
has mainly be trading within a range.
This is an extension of the trend from the
prior 4 years.
Will interesting to see if this low holds
5 Year Chart
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Technical Summary: Not much to say on the one year chart for Caltex as it has essentially gone sideways. This is an extension of the range bound action that has persisted for about the last 4 years. Prior to that the stock was in a strong uptrend. For about the last three months the stock was trading below its 50 day moving average that was trending downwards. Over the last few trading sessions however the stock has kicked above the average in strong price action. With the stock extended and a lot of left side it is difficult to make a buy case at the current juncture. However, it is promising price action. We would like to see the stock consolidate these recent gains and form a base before considering it as a buy on a technical basis.