CBA.AX pushes through 20-day moving average
Commonwealth Bank (CBA.AX) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
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.
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.
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.
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||Direction||Win Rate||Win Rate||Exit Day||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|
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