Yesterdays action saw a breakout for CBA above both of the recent highs.
With last nights move on US banks it puts the VPOC for the short accumulation zone from Oct 22 firmly in sight VPOC for this zone is $105.75
I'll be interested to see any reaction around this price as the sp has been moving north quite well but the strength of the move is in question as there is negative divergence on the RSI.
So I'd say two key levels to watch are yesterdays breakout level - $102.50 and VPOC $105.75
US banks have mostly been beating 'estimates' but looking at the books and I don't think the numbers are that flash. Some heavy unrealised losses, extra provisions for credit losses and some creative accounting seem to have been glossed over - for now.
Either way, play safe and good luck which ever way you trade... .
CBA Price at posting:
$102.57 Sentiment: None Disclosure: Not Held
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