Technicals | Aug 19 2010
This story features COMMONWEALTH BANK OF AUSTRALIA. For more info SHARE ANALYSIS: CBA
By Rudi Filapek-Vandyck
From a technical perspective, shares in CommBank ((CBA)) should trading with a positive bias, reports the TechWizard. He has observed how the shares found solid support at the bottom Bollinger band. They have subsequently risen to higher price levels.
The TechWizard is of the view that as long as $49.52 holds the top Bollinger band at $54.25 should remain the stock's primary target.
The Wizard also observes the moving average is flat (white line in the middle). In addition, the MACD indicator is bullish, but only just.
Combining all of the above he reports a buy the dips approach seems but the correct one.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au The views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA
