CSL

$CSL Ltd(CSL.AU)$ CSL has a habit of disappointing investors, then climbing back up that wall of disappointment. It appears to be on the way to doing that again after holding February's post-sell off trough, and respecting the long term uptrend ribbon.

That ribbon typically acts as a zone of dynamic support in long term uptrends, and it appears to be doing this job well over the past couple of months. As long as this remains the case, CSL's long term uptrend is intact.

It makes sense then, that a close below historical demand at 275 would likely confirm supply-side control and set the CSL price up for a deeper retracement of the October to February rally.

Candles, which are predominantly demand-side, are supportive as they indicate accumulation, but I'd like to see a return to rising peaks and rising troughs as soon as possible. A close above historical supply at 287.77 would also be a major step in the right direction in terms of confirming a return to demand-side control.