Tuesday, 10 February 2015

$CBA Commonwealth Bank of Australia testing top of trend channel drawn from 2009 low

Today I couldn't resist having a peek at CBA, as the chat around the water cooler is "will CBA make it to $100 when it announces earnings???".... needless to say, it's usually best to fade the water cooler opinions. What about this time?

Monthly chart shows that CBA is testing dual trend channel resistance. Would be a perfect place for it to make a big top, either immediately or after a brief earnings inspired throw-over. Let's see.