See my analysis on 19/01/2019.
Post #:71960636Trend wise and the triangle breakout magnitude suggest it had probability of hitting $117.36. In fact this got to $118.24 31/01/2024.
It is good to note that there is good support $111.50ish as stated in
Post #:72484266. The $111.49 top on 03/02/2023 has now become support by the looks of it. This will be a good entry for a swing trade.
Those red overhead lines are the only resistance points. The $124+ area is the most conspicuous exit for many who would want to lighten up and take profits. Looking at the RSI and Stoch the probability of reaching that is there. Anything beyond that might be stretch in the near to medium term.
In saying that. I have lived through and owned CBA in its massive bull run post GFC ($24 to $96 or 300% in 6 years) and if that is anything to go by; post COVID Inflation event is yielding the same euphoric FOMO on the macro view... $53.50 to $160.5 in the 6 years, keeping note that we are 4 years into this run. History does not repeat itself but it does rhyme...
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