CBA.AX pushes through 20-day moving average

Commonwealth Bank (CBA.AX) Technical Analysis Report for Sep 14, 2018

Highlights

CBA.AX pushes through 20-day moving average
CBA.AX finds buyers again around 71.18
CBA.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 28% Bullish
Technical Forecast:

Overview

CBA.AX ended the week 1.4% higher at 71.50 after gaining A$0.32 (0.45%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for CBA.AX

Volatility

Friday's trading range was A$0.46 (0.65%), that's far below last trading month's daily average range of A$1.01. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 71.79. After having been unable to move lower than 71.06 in the previous session, Commonwealth Bank found buyers again around the same price level today at 71.18.

Trend

Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 20-day moving average at 71.48 today for the first time since September 11th.

Order Flow

Buying might speed up should prices move above the nearby swing high at 72.21 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 71.06 where further sell stops could get triggered.

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 Rate Exit Day Events
3 Consecutive Higher Closes TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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