CBA.AX closes within previous day's range after lackluster session
Commonwealth Bank (CBA.AX) Technical Analysis Report for Aug 10, 2018
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 Candlestick Chart (CBA.AX as at Aug 10, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test July's nearby high at 76.74.