On heavily traded stocks there is usually a pattern to the trading.
The pattern on CBA from $109.94 to $141.34 shows a typical Elliott Wave pattern. There are 5 waves, the third of which is the longest of the 3 impulse waves & itself contains 5 clear waves. The 4th wave corrected exactly Fibonacci 61.8% of wave 3. The 5th wave was 52.4% of the total of the 5 waves & exceeded the expected 50% probably as it was cum-div. The 2nd wave of A in the correction of the 5 waves ended 12 cents above the expected 61.8% of wave 1 of A.
This wave pattern is a result of collective behaviour & is what one should look for in trying to predict future movements. It is far better than crystal ball gazing.
As I said previously, I expected the share price to hit the top as the stock was about to go ex-div. You did not have to be a rocket scientist to predict that occurrence. I can only predict what my reading of the chart tells me. At least I am making a call. Outside factors can make the stock go higher but it is not shown in the chart.
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Last
$134.61 |
Change
0.420(0.31%) |
Mkt cap ! $225.2B |
Open | High | Low | Value | Volume |
$135.40 | $135.40 | $134.25 | $249.6M | 1.851M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4316 | $134.60 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$134.70 | 4000 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 4316 | 134.600 |
1 | 2000 | 134.550 |
1 | 135 | 134.400 |
1 | 74 | 134.360 |
2 | 3000 | 134.300 |
Price($) | Vol. | No. |
---|---|---|
134.700 | 3000 | 1 |
134.720 | 161 | 1 |
134.800 | 1000 | 1 |
134.870 | 2476 | 2 |
134.920 | 305 | 1 |
Last trade - 16.10pm 03/10/2024 (20 minute delay) ? |
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CBA (ASX) Chart |