Weakness Continues In Credit Suisse Group AG (ADR) (NYSE:CS)

Boston, MA, 04/22/2014  (usastockreport) –  Credit Suisse Group AG (ADR) (NYSE:CS) trimmed down a little after making an intraday low of $30.95 and a high of $31.24, the stock managed to gain some of its intraday losses to consolidate at $31.12 with a loss of 0.10%.

Credit Suisse Group AG (ADR) (NYSE:CS) remained weak after the company posted disappointed earnings on April 17, 2014.

The stock is closed below its critical support level of $31.50 which is its 50 day moving average and saw some stability on Thursday with marginal losses. The stock is just above its 200 day moving average which is positioned at $30.60 on its daily charts.

The momentum indicators for Credit Suisse Group AG (ADR) (NYSE:CS) on the daily charts suggest a strong downward, the momentum indicators are in the positive zone with a sharp curve downwards, this indicates the stock has a strong downward momentum, this implies the stock could see some more selling in the upcoming trading sessions and the stock could see some more correction. The relative strength index for the stock remained flat on Thursday but is nearing the oversold zone; this implies the stock could continue to remain weak before a trend reversal is seen.

From the current levels the stock has a strong support around $30.30 levels and on the upside the stock has a resistance around $32.75. A close above these levels could see the stock soar to $33.23 levels which is its previous high on April 4, 2014. The second support level for the stock would come around $29.28 which is its previous low on February 3, 2014.


(FIGURE): Daily Chart For Credit Suisse Group AG (ADR) (NYSE:CS) 

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The company Credit Suisse Group reported its income at $926.1 million which was down 34% as against the first quarter for 2013. The company stated the decrease in the earnings was a result of poor trading revenues. 

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