CBA TA update, page-530

This weeks fakeout is not something I'd want to see if I was long CBA.
Yesterday we saw a strong rejection on the 200dMA and Tuesdays breakout level
If this level now acts as resistance then it's not looking good for whats to come.

Failed breakouts are one of the best patterns to trade and a close below the heavy supply zone $99.40-$99.70 should confirm CBA has a lot more to drop.
If $95 gets taken out then there'll be new lows beyond $93 coming soon IMO.

If CBA were to reverse yesterdays breakdown and recapture $101 then bulls could be back in the box seat.

CBA Daily
.

.
Another thing I would not want to see is institutions loading the boat up here.
Wednesdays session saw the 7th largest trade on XLF.
Seeing such a large trade at highs has a high probability that it is a short position and trading since then has reaffirmed this
.


.
Straight after the trade above we saw Aussie banks sell off hard and this was followed on by US banks
.

.
For those watching the discount window (BTFP) being called upon leading up the bank crisis, you would have also seen this marker creeping up once more over recent weeks - this is certainly not a good sign...
.

.
MMs are certainly squeezing every last drop out of CBA before the bigger move with a perfect H & S pattern rejected - thus squeezing all shorts.

This flipped straight into a 2 week period of the strongest buying since May 2020 (that was the last time the RSI hit similar heights on the hourly chart)

Now the latest fakeout will most certainly screw over all of those that bought into the break back over the 200dMA.

Certainly a tough market for both bulls and bears....