Credit Suisse sharpens decline - Analysis - 13-06-2022

Credit Suisse's stock (CS) declined amid the dominance of the main downward short-term trend, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI despite reaching oversold levels, readying to pierce the pivotal support of 6.07, marking a loss of 5.37% in the last session, or 35 cents, and settling at 6.17, with trading volumes surpassing 25 million shares, above 10-day averages of 20 million shares. 

The losses came after it denied State Street will take control of the Swiss bank, with State Street's stock tumbling as well by 2.4%.

Therefore we expect more losses for the stock, targeting the support of 5.28, provided the support of 6.07 was breached. 

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Expected trend for today: Bearish