Technical outlook – Many stocks fall under the radar; however, by the use of technical analysts, will determine which market trend has value in the make-up to a potential return.
The Commonwealth Bank of Australia share price has dropped a whopping by -41% from February to mid-March 2020.
Since then, the share price has risen by +11.5%.
So, does this mean it’s now a buy?
From a daily to a weekly assessment, the two leading indicators, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both presently strengthening to a bullish bias.
If this pattern continues, then it is assessed that the market bulls will gather in more significant numbers and lead the challenge to the $72.00. Reassess from there.
Company Overview – Commonwealth Bank of Australia (CBA) is Australia’s leading providers of integrated financial services, providing retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities.
Their operations are conducted primarily in Australia and New Zealand.
In addition, they also operate in a number of other countries, including the United Kingdom, the United States, China, Japan, Singapore, Hong Kong, Indonesia and South Africa.