From everything I’ve read over the years commonwealth bank has been a widow maker for many traders looking to short. I almost bought some $65 put options earlier this year which would have expired in October. Lucky me! Any way, looks like this may finally be it. To me it looks like a big tripple top has been out in here. With the real estate market in Australia...
Really not liking this weekly chart. Gap down outside of the support line and well below the 30 week WMA. Still 4 days in the week but if it stays outside of the trend line I think it's only down from here and possibly last time above $70.
- Just a simple observation, price is bouncing around the level.
- Looking at it , it has gone up for a 2 month period then down for a 2 month period.
- Looking to go LONG , on the DAILY . So possible 6% growth by 2019 .
What do you guys think? Just by looking at the chart on the daily ?
The price has been falling since early 2017 from the peak around $88.00.
This drop has been a "healthy" one as we are seeing this as a correction for a longer term accumulation to the upside.
Some quick fundamentals to support the upside -
1) Revenue has been increasing for the past 5 years;
2) Net income has been increasing for the past 5 years;
It is obvious from the chart and trend lines that BATS:CBA has two choices - it could break down the trend and go with the long term trend to under $9. If it doesn't, it may bounce back on the support line and go above $11.