No one can argue that CBA is not overvalued. Everyone knows that by now. But the old JMK adage applies to the downside and most definitely to the upside...
The so called experts are looking for a rationale for the current CBA pricing. They should have included the possibility of CBA SP irrationality. Specially seeming that CBA seems to hit all the right notes revenue and earnings notes and defying expectations.
I doubt anyone can find the rationale using fundamental analysis at this point. Technical Analysis is a bit more viable at this because it is well and truly behavioural driving this.
TA wise Still in the Megaphone pattern per Post #: 78733551 with a strong likelihood of a breakout looking at the demure RSI. Megaphones upper resistance at $177 per that red trend line and is the one to beat for the pattern to resolve to $195.39.
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