CBA price action is displaying support at $70 level, but the...

CBA price action is displaying support at $70 level, but the weight of sell orders overwhelms buys by 2.5:1. It is now only a matter of time before the $70 psychological barrier is breached, and once it breaks the sellers will be scrambling to exit. Technicals are "neutral" to "weak sell" - no real direction here.

On fundamentals, I haven't seen anything to suggest the CBA is ready to address its poisoned internal culture, nothing to suggest there is a strategy to get in front of the (now near inevitable) collapse of domestic mortgage lending revs, nothing to address foreign currency denominated borrowing supported by A$ revs - these make up 40% of the loan book......... the obvious rejoiner being "they've hedged" - they might have partially hedged, no point in fully hedging otherwise you just pay away the arb - and in any case the only "perfect hedge" is in a Capability Brown garden..... all of this against a pretty weak economic backdrop domestically and internationally....

On the plus side, Eye of the Tiger makes a point.... there is money flowing in from super and it has to go somewhere....but the risk is to the downside - I'm still looking to test the 52 week lows between now and June.... and the more I look at the overall picture the more convinced I become.