From a charting point of view, it would appear that CBA is trying to make a double top around $138.24. If that is the case it would be forming a flat correction with an obvious initial target being a double bottom around $124.89.
There is also the possibility of a running correction where the B wave exceeds the previous top before reversing in a C wave.
Be aware, the share price will reverse at some point & it is just a matter of time. Selling beforehand, locking in the profit would appear the most logical way to go.
Those who have a capital gains tax problem should check their portfolio for other stocks that have significant paper losses & sell them in this financial year to minimise or even eliminate paying capital gains tax. If you still wanted to keep those shares showing a loss, they can be repurchased & still have the benefit of offsetting capital gains.
CBA Price at posting:
$137.66 Sentiment: Sell Disclosure: Held
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