The CBA chart indicates that it is in a correcting mode. I finally sold out at $160 & am happy with that decision.
The only reason for the upward move over the last week is the strength in the U.S. market. The upside it severely limited as a bank stock with little possibility of significantly increasing its dividends & yielding around 3% offers no attraction for investors other than somewhere to place their cash.
It is likely the recent move up is either a B or second wave in a larger correction.
As far as CBA being a $200 stock with a yield, based on the current dividends, of 2.3% is a joke.
CBA Price at posting:
$156.79 Sentiment: Sell Disclosure: Not Held
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