Chart Snapshot of CBA July 30,2014

Please note earlier post on CBA.

https://technicality.me/2014/07/12/chart-review-of-the-commonwealth-bank/

 

Entry trigger for traders?

Entry trigger for traders?

This is a progress chart two weeks later. Observations:

  • breakout from a triangular trading range has occurred
  • large trading range day today (July 30) reaching a new high and breaking resistance at $83
  • share price rise is trader induced. Medium-term investor averages are still upwards.

Technical Conclusions

The share-price has resumed upwards trending, and triggered an entry signal for long positions

Existing short positions should be closed and new shorting positions avoided at present.

Long positions should only be entered as a trader, and positions closely monitored for change in short-term trend.

Market may be marked by uncertainty and volatility.



Categories: Chart Analyses, Technical Analysis

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