The post below is from the 12th of Jan. CBA has since sold-off and is now trading $5 lower at $68.
Our Algo Engine has highlighted a number of lower high sell signals in CBA over the past 2 years. The most recent signal occurred in November last year when CBA was trading at $73.
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Following the last signal, CBA made a low at $67 and has now rallied back to trading at the $73 resistance level again.
We remain cautious as we now start to see the short-term indicators turn lower.
Above chart is from 12th Jan.
Above chart is from 1 Feb.
