CREDIT SUISSE - Turnaround? Or just a rebound?
Following the investors day and the announcement of the share buyback program the stock managed to rally off the low from 10.11.2018 at SFR 10.80 to SFR 11.56 this morning.
Is this rally the turnaround? Or just a simple rebound rally?
For now, the rally of the last 3 days appears as a simple inverse A-B-C corrective rally. And, it is a test of the previous breakdown support at around SFR 11.60.
Wave C of the rally is 1.618 times the length of Wave A at SFR 11.60 to SFR 11.75. This is the most important short-term Fiboancci resistance range.
Probably, it will take more than a share buyback program to reverse the downtrend from SFR 19 in January to the most recent low at SFR 10.80. In the chart, it will take a break above 11.80 to signal a possible new uptrend to the major resistance levels at 12.10, 12.30 and 12.90. For a medium-term bottom to be formed it will take more time.