CBA.AX finds buyers again around 74.26
Commonwealth Bank (CBA.AX) Technical Analysis Report for Jul 13, 2018
CBA.AX ended the week -1.08% lower at 74.85 after losing A$0.36 (-0.48%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Friday's trading range was A$1.48 (1.96%), that's slightly above last trading month's daily average range of A$1.20. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 74.26 during the day, the share bounced off the key support level at 74.70. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 74.14 in the previous session, the market found buyers again around the same price level today at 74.26.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.
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