CBA is currently trading at new all-time high of $75.47.
This breaks its 4 month range, and could see the price rise sharply.
This is big.
While the other banks will perform well, as they are nearing their ex-dividend date — when franking credits and cash flow will be paid to shareholders — there is no such event for CBA.
So if CBA can close above yesterday’s high of $74.99 then the technicians suggest that a measured target, based on the size of the wedge, is close to $85.
Australia’s superannuants will be cheering.