Shares of CBA have started the week with a firm tone as Australia’s biggest bank announced a replacement for outgoing CEO Ian Narev.
The current chief of Retail Banking, Matt Comyn, will take over as CEO on April 9th.
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It’s worth noting that the retail section of the business has been hit with a series of problems, including Anti money laundering allegations which totalled close to $1 billion over 5 years.
The bank will announce its results for the half year ended 31 December 2017 on Wednesday, 7 February 2018.
Our ALGO engine triggered a sell signal for CBA on November 15th at $81.50.
With uncertainty growing in the domestic banking industry in general, we prefer a short bias for CBA and see price resistance in the $79.35 area and the next downside support level near $77.20.
CBA
