After achieving the triangle break target around 82.00 we suspect the odds have improved for a near term correction in Commonwealth Bank ((CBA)).<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Trading tactics<\/strong><\/p>\n Sell a break below 80.50 placing stops at 81.50 and looking for 78.50. Another trading idea from<\/strong><\/p>\n Fifth Wave |<\/strong> fwtc.com.au<\/strong><\/a> <\/p>\n 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<\/strong>.<\/strong><\/p>\n AFSL 319830 |<\/strong> Disclaimer<\/strong><\/a><\/p>\n Reprinted with permission of the publisher.<\/em> Content included in this article is not by association the view of FNArena (see our disclaimer<\/a>).<\/em><\/p>\n Technical limitations <\/strong><\/em><\/p>\n If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.<\/strong><\/em><\/p>\n
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