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Potential Buy Entry Alert to Watch CBA
Time Frame : Daily/Weekly
Sector : Banks/Financial Services
Key Stats : $111.08 Billion Market Cap, VWAP 62.32, ASX Ranking 2, 4 Week Av Turnover $495,734,807, Current Turnover Intraday $115,657,828 (1:21pm AEST), PE 11.0, Div Yield 6.87%.
Company Overview : Commonwealth Bank of Australia (CBA) is Australia’s leading providers of integrated financial services, providing retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Their operations are conducted primarily in Australia and New Zealand. In addition, they also operate in a number of other countries, including the United Kingdom, the United States, China, Japan, Singapore, Hong Kong, Indonesia and South Africa.
Broker Consensus : SELL
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CBA – Commonwealth Bank
CBA recently flushed down to 53.44 and cleaned out a lot of buyers as can be seen by the volume. Since then we can see some interest stepping back in from buyers as the 60.00 level holds. We are now watching for minor higher lows to build and hold to drag in further buyers for a leg up through 70.00. We will need to be aggressive with both the entry and exit to lock away gains quickly if things go well. If the overall ASX starts to fall again then we may need to re-assess that action on CBA.
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Stock Code : CBA – Commonwealth Bank
Company Website : www.commbank.com.au
Current Price : 62.05
Status : On watch for potential higher low push up through 70.00
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