On heavily traded stocks there is usually a pattern to the trading.
The pattern on CBA from $109.94 to $141.34 shows a typical Elliott Wave pattern. There are 5 waves, the third of which is the longest of the 3 impulse waves & itself contains 5 clear waves. The 4th wave corrected exactly Fibonacci 61.8% of wave 3. The 5th wave was 52.4% of the total of the 5 waves & exceeded the expected 50% probably as it was cum-div. The 2nd wave of A in the correction of the 5 waves ended 12 cents above the expected 61.8% of wave 1 of A.
This wave pattern is a result of collective behaviour & is what one should look for in trying to predict future movements. It is far better than crystal ball gazing.
As I said previously, I expected the share price to hit the top as the stock was about to go ex-div. You did not have to be a rocket scientist to predict that occurrence. I can only predict what my reading of the chart tells me. At least I am making a call. Outside factors can make the stock go higher but it is not shown in the chart.
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Last
$134.50 |
Change
0.305(0.23%) |
Mkt cap ! $225.1B |
Open | High | Low | Value | Volume |
$135.40 | $135.40 | $134.30 | $124.2M | 919.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
12 | 351 | $134.48 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$134.51 | 734 | 12 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
23 | 850 | 134.550 |
2 | 6 | 134.540 |
8 | 268 | 134.530 |
7 | 208 | 134.520 |
3 | 198 | 134.510 |
Price($) | Vol. | No. |
---|---|---|
134.580 | 155 | 10 |
134.610 | 167 | 2 |
134.620 | 272 | 4 |
134.630 | 775 | 15 |
134.640 | 263 | 5 |
Last trade - 13.51pm 03/10/2024 (20 minute delay) ? |
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CBA (ASX) Chart |