Caltex Australia Limited (CTX.ASX)

9 October 2017


Technical Summary: The one year chart of CTK is an extension of the prior 2 years of price action. With the stock largest trekking sideways, perhaps with a slight downard bias. With the stock trading within such a tight range there is little action here for trend aficionados. Instead it fits more in the realm of the mean reversion trader. The stock has found short term support on the blue line. Traders could buy on pull back to blue line with stop loss set if 25 the stock closes below. Likewise the profit targets can be set if the stock hits recent resistance at the black line. A meaningful break to the upside of the black line may indicate potential beginnings of new price trend.

Not really one for trend aficionados but may provide some action for mean reversion traders

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