Things may be looking up for the banks with a rally after the elections

Potential Buy Entry Alert to Watch CBA

Time Frame : Daily/Weekly

Sector : Banks/Financial Services

Key Stats : $139.85 Billion Market Cap, VWAP 78.362, ASX Ranking 1, 4 Week Av Turnover $242,666,008, Current Turnover (Intraday as at time of alert) $144,210,367, PE 15.4, Div Yield 5.46%.

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 : HOLD

CBA – Commonwealth Bank of Australia

CBA needs no introduction being the number one stock on the ASX but it has been under pressure since early 2015. With the recent action spike higher after the elections, are we about to see a break and run higher. We would like to see a break up to the 82.50 zone and then a pullback to build the higher low for entry. With recent news in housing, bulls may just have a reason to come out to play so we are now watching for an increase in the volume over the coming days and weeks.

Stock Code : CBA – Commonwealth Bank of Australia

Company Website : www.commbank.com.au

Current Price : 78.33

Status : On watch for potential higher low