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Commercial Bank of Australia..Everyone seems concerned by a run on the banks of late. Then the question came, is this an isolated event? Is this a US banking crisis? Or is there evidence for contagion? The answer was surprising. Silicon Valley Bank had indeed printed a strong bearish divergence with sell signal back in December 2021. Are other banks doing similar? First contender is the Commonwealth Bank of Australia. On the above 2-week chart a double top bearish divergence is confirmed. Not dissimilar to SVB. Two obvious areas of support exist. The strongest at $80 and the first support at $86. The $80 level of support has existed for 30 years (see monthly chart below). Will the 30 year support level hold? There is a high probability. The short term the chart is incredibly bullish with a probable move to $115. After that, be short. Ww Monthly chart Daily chart
ASX:CBA
by without_worries
10
CSL looking unwellSo... my previous bullish attempt at this pattern failed, and I am now looking at the bearish play. A rising wedge pattern, looking to break from the rising support line. If this plays out, then the target will be around $248. The target is supported by the height of wedge, fair value gap and fib level, so looks to be a very strong possibility. The bearish sentiment is also supported by the disruptions to CSL business (Vifor), a higher cost environment, interest rates rises and latest drop in dividend payout. DYOR and trade at own risk.
ASX:CSLShort
by ositrades
Harvey Norman - Attractive Valuation (Value investing category) ****Not a Financial Advice****** Harvey Norman with a dividend yield of almost 8.5% and now after earning release has corrected between 11-14% in a matter of a week. The downside is contained with side way consolidation for next few months. Two much bad news and headlines now make it as value buy. Always a good idea to look for opportunities at peak pessimism. Consumer discretionary and housing market/approval downturn pointing in that direction. Markets are forward looking. To me, this looks attractive for Long opportunity with a 1-2 year horizon. Do you own due diligence!!! Disc: Holding it in my SMSF.
ASX:HVNLong
by aammiitt2