Some #ASX bellwethers are showing that the market is about to rollover. Take a look at the $XJO chart (interesting geometry) and the $CBA.AX and $MQG.AX charts. The $CBA chart in particular looks like an alarming short setup.
Commonwealth Bank, one of my safer stocks to watch.
With an uptrend that felt like it would never end, we finally have a good buying opportunity on our hands.
Uptrend and downtrend are both coming to a squeeze on a support/resistance line.
Looking to buy in around the $98 support if price holds.
Otherwise letting it drop and hoping to get in at the $87...
CBA is waaaaayyyy over valued in terms of what an aussie bank would typically trade at on P/E and much higher than the other major aus banks. BUT where to try a short? I am thinking between 104 and 106.
Entry: 100.56
Stop loss: 98.82
Went long in the counter after it broke out today amidst market optimism. Would have preferred a higher volume to go with the breakout though.
I am a consultant for anyone who needs a consultant, I see that CBA will GO UP IN THIS NEXT MONTHS
1, When you decide to use my ideas in your trading, please contact me to inform you of some things and monitor the position together without specifying a take profit or stop loss, we will decide when to open and close the position
2 (When I set the take profit and...
COMMONWEALTH BANK OF AUSTRALIA
Our share of this era knows a very strong acceleration in its direction He will certainly touch the resistance line, and he will be wool back down Very strong for this I would recommend buying now to struggle for a huge abundance Big buyers and very strong liquidity as we are foggin Average price size
CBA should retrace towards Christmas and head up much higher after Christmas.
I am projecting a 6 days count from Dec 11 to the top of Dec 17, then another 6 days down to Dec 23.
Forecast, CBA will turn up on Dec 24.
Reviewing the top A200 from each sector
CBA
Currently at weekly resistance, monthly looks very strong anticipate breaking out of falling wedge and attempting to print new high 92+
Wouldn't enter personally due to risk / reward ratio but can't fault the strength
After seeing the Banks in a major consolidation for almost 5 years now it seemed like an appropriate time to back them based on the long term bull channel with strong support levels.
No current material Take Profit in mind with discounted shares bought for long term dividend reinvestment plans being the goal for this one.
Based on where we are in the channel it...
The golden cross is a technical chart pattern indicating the potential for a major rally. The golden cross appears on a chart when a stock's short-term moving average crosses above its long-term moving average. The golden cross can be contrasted with a death cross indicating a bearish price movement
