Commonwealth Bank of Australia is under Algo Engine sell conditions.
The group’s cash profit increased 5% to $2.3bn, profits were boosted by one-off items, including asset sales.
Risks are now to the downside and we remain on the short side of CBA after price running into resistance at $82.
Author: Leon Hinde
Leon has been working in the financial services industry for 18 years in management and advisory roles. Leon has extensive experience in general advice and dealings involving securities and derivative financial products.
PS 146 Securities & Derivatives, ADA 1 & 2 accreditation, Responsible Manager Certificate. Leon is authorised to provide financial product advice and deal with respect to the following financial products:
· Deposit Products
· Interest in managed investment schemes; and
· Government debentures, bonds and stocks