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Credit Suisse (CS) Will Turn Bullish if It Closes Above 16.00

Credit Suisse Group (CS) is probaly going to break a critical resistance around 16.00, which would open up a bullish outlook after about a year and a half of consolidation.

Credit Suisse Group (CS) Weekly Chart

(click to enlarge)

False Breakout; Pending Breakout:
- For most of 2017, CS has been trading in a range roughly between 14 and 16. 
- In June, price broke below the range support of 14, opening up a bearish outlook.
- However, price immediately rebounded, and the market never respected the broken range as resistance. 
- Essentially, this was a false bearish breakout.
- Now, price is pushing towards 16.00. After a break below 14 failed to extend, the market is likely going to break above 16.00. 
Price Bottom:
- Note that if price breaks above 16.00, CS would essentially complete a price bottom that started in 2016. 
- A break above 16.00 would open up the 20-21 area, which are some common support pivots that could turn into resistance.