Shares of CBA have traded in a wide range today as the bank’s cash profit, including provisions, was posted at $4.87 billion on expectations of $5.2 billion.
The bank announced that it would set aside $575 million to address the AUSTRAC AML accusations and costs related to the Banking Royal commission.
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Our ALGO engine triggered a sell signal on CBA at $80.90 on November 13th.
Considering the headwinds facing the domestic banking industry in general, we see the next key support level for CBA at $75.80.
Commonwealth Bank
