That inverse H&S is poignant but I doubt the EW on your chart. In the 2+ decades of owning CBA. I would say EW is the worst TA lens to be looking at the CBA SP movement with. I find that there are too many Shorts (on stop hunt) and Longs (Squeezing the shorts) on CBA that it rarely conforms to EW. Find any static resistance or support on CBA and I can show you where the Shorts/Longs sliced through it by 5-10%.
The better lens to look at CBA is with one eye on the fundamental and the other on the TA. With that in hand I believe short term (next 1-2 months) we will see some SP weakness on CBA. Longer term 3+ years CBA SP will be significantly higher than what it is today.
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