CSL broke key support levels on Thursday on very heavy volume (see lower pane). It was down -4.83% after a big reversal day (up then down) on Wednesday, on heavy volume.This may have reversed the strong long-term up trend in place since October, 2010.
Given the ferocity of the action in the past two days, some sort of kneejerk reaction back up is likely. A test of resistance around the 36.50 area and then a further drop could see CSL drop down to test 34.50.
But the action of the past two days certainly looks unhealthy for the medium term.
Good luck
Red
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