Our ALGO engine triggered a sell signal in CBA on June 29th at $84.10.
Since then the stock has traded as low as $81.80 and has a clear downward bias. In addition, the share price of MQG has also moved lower since late-June and internal indicators appear to be picking up momentum on the downside.
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The Aussie banks, in general, look to have a downward bias relative to the prices seen in late-May.
As such, we see the next technical support target for CBA at $78.50 and at $85.90 for MQG.
For more specific chart analysis of the local banking sector, send us an email or give us a call.
CBA
MQG
