It seemed obvious to me. There are far too many CBA shareholders on HotCopper who are not wanting to hear bad news. Many are in a position of facing a huge capital gain if they sell. They are putting off the inevitable. They or their estate will have to eventually dispose of the shares.
There are ways to minimise capital gains.
The last $40 of upward movement in the share price will have meant nothing if they didn't sell & the price retraces.
CBA Price at posting:
$154.46 Sentiment: Sell Disclosure: Not Held
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