Correction Due For CBA

This story features COMMONWEALTH BANK OF AUSTRALIA. For more info SHARE ANALYSIS: CBA

The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Nick Linton-Ffrost

Emerging Sell

After achieving the triangle break target around 82.00 we suspect the odds have improved for a near term correction in Commonwealth Bank ((CBA)).

Our plan will be to look for sell signals between the 80.50 pivot level and the record high at 82.50 over the next few days.

A break below 80.50 will confirm a lower high as well as breaking the trend line and crossing the 5/20 moving averages into a sell.

The move needs to happen in the next few days and if the plan comes together our downside target is between 78.30 and 78.80.

Trading tactics

Sell a break below 80.50 placing stops at 81.50 and looking for 78.50.
 

 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

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