I didn't say CBA is overvalued I said it's overbought There is a difference. *Valuations comparative to other Aussie banks is another subject. I'll leave that one and focus on TA for now.
I also mentioned this info would probably be more suited to those with shorter timeframes - if you're long and strong from 1998 then I'm sure you've seen plenty of big moves and I'm sure your divvies have more than smoothed out the ride.
The comparison chart I provided is a highly correlated chart with CBA, so I'll have to disagree. BANK has 30 components, so rather than just compare to a single bank I find it's a good bellwether - the charts seem to agree.
CBA was/is in a pivotal position atm, so I was pointing out both upside and downside.
$109 is a big resistance for CBA and so far has proven so.
Aussie 200 is in a similar position (not surprisingly) with a major resistance and volume zone just overhead
Couple of big data releases today and tomorrow in Oz, so perhaps a clearer direction will be seen after they've been released.
All the best mate.
CBA Price at posting:
$107.99 Sentiment: None Disclosure: Not Held
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