Technicals | 11:00 AM
This story features COMMONWEALTH BANK OF AUSTRALIA. For more info SHARE ANALYSIS: CBA
By Michael Gable
The past week has seen share markets here and in the US consolidate around the recent highs, which is a positive sign.
It does look as though markets will continue to trend higher from here and our recent comments about dips being a buying opportunity are still valid.
We have been one of the very few firms with a positive outlook on the banks during the past year, and as much as it will pain other analysts out there, they look like heading even higher.
Today, we offer a technical view on CommBank ((CBA)) shares.
CBA has been trending well since late 2023 when we identified that the “the next big move is likely to be to the upside where a clear break above $110 should lead to a new uptrend.”
After hitting levels up near $160 in November, the share price started to consolidate and it fell sharply in late December.
However, we have seen some very solid buying support since then as the shares continued to consolidate around that $160 level.
The past few days has seen it break higher (circled). CBA is therefore getting back into an uptrend now. Current levels are a buying opportunity.
Initial stops can be considered back near $155.
Content included in this article is not by association the view of FNArena (see our disclaimer).
Michael Gable is managing Director of Fairmont Equities (www.fairmontequities.com)
Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.
Michael is RG146 Accredited and holds the following formal qualifications:
Bachelor of Engineering, Hons. (University of Sydney)
Bachelor of Commerce (University of Sydney)
Diploma of Mortgage Lending (Finsia)
Diploma of Financial Services [Financial Planning] (Finsia)
Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
Disclaimer
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA