Day five: our potential CBA trade

CBA continues to oscillate around the 61.8% retracement of the January to February rally at a$76.07, and as said yesterday the stock seems to lack a catalyst in either direction.

On the daily chart momentum favours further upside, however on the hourly chart short-term momentum suggests modest downside for CBA.

Intra-day good support seems to be coming in around A$75.40.

I detailed yesterday how I am neutral on this name for now, however price action will be far more interesting once it pays out its A$1.83 on Monday.

IG Charts

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.