chart

Looks to me as though next week will be make or break for CBA.
On this weekly chart it can be seen that CBA has just finished outside the channel. If it cannot lift itself back into the channel then 32.00 is the next fib support level.
The rsi and stochastic also indicate continuing weakness may be likely.
I have no position in CBA, I will be watching to see if 32-00 is the next target to give me confidence with the fib retracements.
I hope my fib placements are correct, I have only just started to use them.
I might point out also that I tried the fib range on the 23.05 low (14/03/03) and the same recent high and the first level of support is 31.08 - which is exactly the second support level with the method I have used here.

Comments from fib savvy people most appreciated.

Regards

Commy



p.s Happy Easter to all