CommBank: Looking Good

Technicals | Sep 28 2021

This story features COMMONWEALTH BANK OF AUSTRALIA. For more info SHARE ANALYSIS: CBA

By Michael Gable 

The Australian market continues to hug the underneath of its 50–day moving average, which means that we continue to be defensive on the broader market. Risk for now is still to the downside, so the market is not yet awash with buying opportunities. However, once a bit of heat has come of the market, that will change pretty quickly.

Having said that, there are still a few stocks that look like they want to head higher here. In today's research, we have a chart on Commonwealth Bank ((CBA)).

Since June, CBA has been finding some very good support in the high $90's. Yesterday it popped out of its recent range and it appears ready to go for another run. There will be resistance near the previous high around $108 that investors need to be aware of. If it can't kick on here and it needs more time to base build, then establishing a new base around $102 would still be a positive.

Content included in this article is not by association the view of FNArena (see our disclaimer).
 
Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services. 

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
 

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CHARTS

CBA

For more info SHARE ANALYSIS: CBA - COMMONWEALTH BANK OF AUSTRALIA