CBA breaks support, set to slide further
From a review of Commonwealth Bank of Australia today, it is clearly visible that CBA has not only broken to the downside after being caught in a rising wedge, but the previous support level (blue line) has now become the resistance level, as the stock made an attempt to rise today but failed exactly on this line.
Since then, CBA has started to show further weakness by continuing to make intraday lows as we head into the weekend. Provided the stock closes near the low, this is a market on close sell order.
Management and risk description
Avoiding sell if closing well off its lows. Both stop loss and profit targets set in place.
Entry: Market on close
Target 1: $80.00
Time horizon: Until stop loss or profit targets are reached