![\"\"](\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/CBA_trading_range.jpg\")
<\/p>\n\n\tBy Rudi Filapek-Vandyck<\/p>\n
\n\tFor those with a negative view, it would seem CommBank ((CBA)) shares have carved out a triple top on price charts, each time having failed to crack tough technical resistance at $54.<\/p>\n
\n\tThe TechWizard, however, doesn't seem to be of an equally negative mindset. In his opinion, CBA shares are simply advancing through a trading range that has been in place since June. This range has kept the shares in between $47 and $54 since.<\/p>\n
\n\tTrading ranges don't last forever, reports the Wizard, but at this point it remains anyone's guess to what direction CBA shares will break out. Hence his message: trade the range, until it is broken.<\/p>\n
\n\t<\/p>\n
\n\tIt goes without saying that a break-out above $54 would be very bullish and, alternatively, a break below $47 would be a clear negative signal.<\/p>\n
\n\tThe Wizard reports he at present does not own any shares in the company.<\/p>\n
\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au All views expressed are his, not FNArena's (also see our disclaimer).<\/p>\n","protected":false},"excerpt":{"rendered":"
Others may have a negative view on CBA shares, but the Wizard sticks to the observation the shares are range-trading and are likely to continue doing so.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[90,91],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57213"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57213"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57213\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}