Commonwealth Bank of remains under Algo Engine sell conditions and we see resistance building near the $74 price level.
CBA reports FY20 earnings on 12 August, at which time the market will focus on CBA’s dividend and any capital management commentary. Consensus expectations are for earnings to be $7.8bn, (down 10% on 2019 numbers), and the 2H20 dividend to be cut by 50%.
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We remain on the short side of the CBA trade.
