Shares of CBA have posted a new low for the year at $76.55 as APRA announced that they will be setting up an inquiry after a series of problems prompted concerns about the bank’s culture, leadership and accountability.
This is not a good addition to CBA’s current AML allegations from AUSTRAC and a class action suit filed on the behalf of shareholders.
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On balance, we don’t see any obvious catalyst to drive any of the domestic banking names higher and CBA now has the weakest technical structure.
The next key price support for CBA will be found near the October 2016 area near $75.00.
Commonwealth Bank
