From a charting point of view, yesterday's trading would seem to indicate a blow-off top has occurred. At $161.70 the yield is 2.875%.
I will look for a significant move lower.
It is not a matter of people not buying at these prices, it is that they haven't sold any shares & taken advantage of the opportunity. Once the price retreats, it will be as if this price level had never occurred & nothing was gained.
I was in a situation with Babcock & Brown, a number of years ago, when I obtained 10,000 on the float @, I think it was $5.00. At one stage in trading, I calculated that, with the length of wave movements, the price would go to $38.00. Would you believe, the price went to exactly $38.00 & I was too busy & missed it on the day. Being stubborn, I wanted $38.00 & did not sell. The price finished up $0. I lost what could have been $380,000 & got $0.
I am not saying CBA will go to zero, but I am saying at this level of pricing, it could very well be a missed opportunity.
CBA Price at posting:
$159.75 Sentiment: Sell Disclosure: Not Held
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