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.
I didn't say CBA is overvalued I said it's overbought...
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Last
$139.60 |
Change
0.800(0.58%) |
Mkt cap ! $233.6B | |||
| Open | High | Low | Value | Volume |
| $139.45 | $139.88 | $139.00 | $147.4M | 1.078M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 74 | $139.58 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $139.60 | 19 | 3 |
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| Last trade - 13.44pm 30/08/2024 (20 minute delay) ? |
| CBA (ASX) Chart |