Our ALGO engine triggered a sell signal on CBA into yesterday’s ASX close at $75.65.
The “lower high” pattern in the stock is referenced to the high posted at $77.50 on March 12th.
Subsequently, CBA has been removed from our ASX Model portfolio after being held for 148 days with a net gain of 1.52%.
Recent reports from both Citi and Morgan Stanley show the brokers have retained their sell ratings on CBA following its decision to demerge its wealth management operations.
Citi now has a downside target of $72.00 and Morgan Stanley is expecting the stock to drop over 15% to $64.00 over the next 12 months.
With this signal on Friday, our ALGO engine is now showing sell signals for all of the domestic banking names with the exception of MQG.