This is a monthly candlestick chart of the Commonwealth Bank of Australia depicting the growth of the share-price since 1997, courtesy of Metastock and Paritech data.
After forming a head and shoulder pattern in 2014 and 2015. the share-price rallied to $87 before resuming a downtrend which is now testing support at $70. This suggests the market remains wary of CBA for the present.
If support is breached, lower prices in the range of $45 to $70 are likely in the foreseeable future.
This post does not take into account non-technical considerations, and is not a substitute for qualified financial advice.
Categories: Chart Review