CBA 0.49% $88.17 commonwealth bank of australia.

cba analysis - opinions from ultrafart & others?

  1. 144 Posts.
    OK - this stock has me well and truely confused at this juncture!!

    Just when it looked like CBA was rolling over for a correction (or more) it bounced up again. Its higgh for the day was exactly 50% retracement of the move from $30.62 to $29.25 which adds to the confusion - I believe that we have two likely possibilities....

    1) We are still in Wave C of an A-B-C correction from the $23.05 low and will post a new high in the next couple of days (C=A at $31.11). This would also create divergences to price in the MACD and RSI which would also support a top.

    2) We have just completed Wave 2 of the beginning of a major downward movement that would take CBA to new lows.

    At this stage, I cannot determine what is exactly what is happening, however, tomorrow will tell us a lot. I suspect that the RBA's decision on interest rates will move this stock substantially and so it will show its hand. If (1) is the correct scenario, it should soar on the opening and not look back until a new high is posted. If (2) is the scenarion, it should drop on opening in a major impulsive movement and so start Wave 3 down to somewhere south of $23.05.

    Opinions and other thoughts??


watchlist Created with Sketch. Add CBA (ASX) to my watchlist
(20min delay)
Mkt cap ! $156.4B
Open High Low Value Volume
$87.05 $88.31 $86.90 $243.1M 2.770M

Buyers (Bids)

No. Vol. Price($)
1 98 $88.16

Sellers (Offers)

Price($) Vol. No.
$88.18 19833 3
View Market Depth
Last trade - 16.10pm 21/04/2021 (20 minute delay) ?
0.430 ( 0.49 %)
Open High Low Volume
$87.08 $88.31 $86.91 599300
Last updated 15.59pm 21/04/2021 (live) ?
CBA (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.