Hello Followers
Id like to take another shot at shorting CBA here due to the interesting risk reward setup.
I had failed trying to short this once in the 130's and have been patient waiting for another setup.
Fundamental Reasons:
-Potential rolling over of the Australian housing market.
-Extremely high valuation
Technical reasons:
-False Breakout above the 162 level that got heavily sold
- So far the retracement bounce has hit the 1st Fib level at 156ish, bringing about a great risk reward setup.
Stop 160.2.
Target 132.00
Risk/Reward 6:1 !
Thanks!
Kavi
Id like to take another shot at shorting CBA here due to the interesting risk reward setup.
I had failed trying to short this once in the 130's and have been patient waiting for another setup.
Fundamental Reasons:
-Potential rolling over of the Australian housing market.
-Extremely high valuation
Technical reasons:
-False Breakout above the 162 level that got heavily sold
- So far the retracement bounce has hit the 1st Fib level at 156ish, bringing about a great risk reward setup.
Stop 160.2.
Target 132.00
Risk/Reward 6:1 !
Thanks!
Kavi
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.