CBA is still considered range bound since 2016 CLIMAX low. I have highlighted the most relevant current pattern within the larger trading range in Blue. As more data emerges and picture becomes clear/clearer it may be reasonable to assume that current trading range is likely to be an accumulation not a distribution pattern as long as the 2016 CLIMAX zone of support holds.
Regardless of which way the pattern resolves itself over the months ahead, in the current week a STRONG BULLISH KEY REVERSAL is more likely than not subject to where the close is. If on hand, this would turn the short term bias within the pattern to a bull mode where it matters. Close at or near the high of the last weekly bar would confirm the reversal. If on hand, mean ( $78 approx.) of the larger trading range may well be tested in the current month.
Disclosure : Not a holder of CBA.
Chart is courtesy of tradingview.com
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