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Our client flow has been quite nuanced of late, with an equal weight of buyers and sellers, despite the progressively bearish sentiment portrayed through the media.
Price action on the daily chart has started to show the bears getting the upper hand, with a sizeable gap lower on Wednesday and it seems price has really struggled to again break through the key $79 level. It seems the market is unprepared to pay up for CBA’s expected $9.825 billion in cash earnings in 2017.