COMMONWEALTH BANK OF AUSTRALIA

CBA ASX

ASXcharts

Where to next?

ASXcharts

30 year trend broken in March. Not sure if we retest March lows, but at least another 5%-10% to go

YL_PRO

Hi friends the daily chart of this market shows with a high probability that it will experience a downtrend in the coming days but it is also better to be vigilant on the change of direction towards the reverse please subscribe to receive more analyzes

AsimMirza786

It's still in bearish trend, though on daily chart touching 200 days moving average. It's one of the favourites and stable asset to hold, but overbought and overvalued. I will probably wait for $67.00 to $68.00 range. P.S: Please note these are my own notes for future reference and by no means trading advise to anyone. Please do your own research before entering...

AsimMirza786

I think I will be looking for entry at around $72.00 range. also, it's important to note how it progresses after 12th Aug 2020. I think there is still a lot of room to up - still my eyes are on the range of $78 - $80 range. P.S: please note these are my own notes for future reference, by no means trading advise to anyone. please do your own research before...

AsimMirza786

i think currently market is trying to consolidate and soon it will resume up trend and bulls will take control of market, because: 1. price is continuously above 200 days moving average. 2. during last three weeks for 5 days price gone above 50 days moving average. 3. most of the volume is in the range of $70.80 - $72.20 range which is above 200 days moving...

AsimMirza786

if we have price /volume comparison, it's pretty obvious that market likes the price between following ranges based on volume: 1. 67-69 range 2. 70 - 71 range (current range) 3. 70 - 72 range based on last one year data,I think 77 to 78.50 range is actually where more trades took place than 70 - 72 range. given this scenario, I think if we get some decent...

AsimMirza786

I think we should cash some profits at $75.00 range. I am expecting price to touch $75.00 range pretty soon. p.s: please note these are my personal notes and by no means trading/ investment advise to anyone. please do your own research before entering into any trade.

AsimMirza786

I think, it's pretty evident that price likes the range of $80.00. as we can see in weekly, daily and 4 hourly charts. I think if we are holding then we should just simply hold on to it and wait for the price to touch $80.00 range. p.s: please note these are my own notes for my learning/ future reference, by no means trading advise to anyone. please do your own...

AsimMirza786

As it was noted that we should see higher value in this range and price not fall below 200 days moving average. I think now we should soon see price going up to 73.30. p.s: these are my own notes for future reference and by no means trading advise to anyone. please do your own research before entering into any trade.

AsimMirza786

i don't see major support if 67.70 support fails, in that case price would go all the way down to around $60.10. next considerable support zone are 67.50, 65 - 64 then 62 - 61. May be good strategy for long position is to buy in stages. stage 1: 67.70 zone stage 2: 65-64 zone stage 3: 62-61 zone. P.S: please note these are my personal notes for my future...

AsimMirza786

if today's price closes at or below 69.00 then tomorrow we should see higher volume between 69.11 to 67.70 range. I think it would be good idea to load up some shares at around 67.70. P.S: These are own notes for my future reference and by no means trading advise to anyone. please do your own research before entering into any trade.

AsimMirza786

I think the price won't fall below 200 days moving average, for next couple of days we may see a down trend may come around 69.50 but from there we should see upwards trend to touch 74.40 ... P.S: please note these are my own notes for learning purpose, by no means trading advise to any one. please do your own research before entering into any trade.

AsimMirza786

graph and markings are pretty much self explanatory... P.S: Not a trading advise, my own notes for learning and future reference.

AsimMirza786

while looking for good entry position for long. from this point 71.20 down trend continues, the only good support is at 69.86 and next support at 67.64 doesn't look very strong neither 65.09. if price continues falling then I think it will only stop at ~ 58.68. P.S: these are my notes for future reference, by no mean trading advise to anyone.

AsimMirza786

I think it would be a opportunity to buy at ~ $69.81. please note these are my own notes for future reference, by no means trading advise to anyone.

AsimMirza786

let's see how support line at ~71.66 supports the price, doesn't look very strong support line and with given COVID-19 second wave updates from VIC, NSW and QLD, let's how all these reflect on price for now it's all favouring the BEARS.

AsimMirza786

I think I can see Elliott Wave pattern but not sure how it's going to happen in current market situation. I think the trend is still upwards (which is great) but for next few days price will swing between support & resistance 72.300 and 74.50. since today's run was reasonably good after 5 days of price correction. I would be keeping an eye on tomorrow's market...