CBA.AX closes within previous day's range after lackluster session


Commonwealth Bank (CBA.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
CBA.AX closes below its opening price unable to hold early session gains
CBA.AX unable to break through key resistance level
CBA.AX closes higher for the 3rd day in a row
CBA.AX rises to highest close since July 20th
CBA.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, CBA.AX ended the week 3.52% higher at 75.39 after edging higher A$0.02 (0.03%) today. Today's closing price of 75.39 marks the highest close since July 20th. Trading A$0.29 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for CBA.AX
Volatility

Friday's trading range was A$0.63 (0.83%), that's below last trading month's daily average range of A$0.90. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 75.74, the stock closed below it after spiking as high as 76.00 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Further buying might move prices higher should the market test July's nearby high at 76.74.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Commonwealth Bank
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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