Commercial Bank of Australia..
Everyone seems concerned by a run on the banks of late. Then the question came, is this an isolated event? Is this a US banking crisis? Or is there evidence for contagion?
The answer was surprising. Silicon Valley Bank had indeed printed a strong bearish divergence with sell signal back in December 2021. Are other banks doing similar?
First contender is the Commonwealth Bank of Australia. On the above 2-week chart a double top bearish divergence is confirmed. Not dissimilar to SVB. Two obvious areas of support exist. The strongest at $80 and the first support at $86. The $80 level of support has existed for 30 years (see monthly chart below). Will the 30 year support level hold? There is a high probability.
The short term the chart is incredibly bullish with a probable move to $115. After that, be short.
Ww
Monthly chart
Daily chart
The answer was surprising. Silicon Valley Bank had indeed printed a strong bearish divergence with sell signal back in December 2021. Are other banks doing similar?
First contender is the Commonwealth Bank of Australia. On the above 2-week chart a double top bearish divergence is confirmed. Not dissimilar to SVB. Two obvious areas of support exist. The strongest at $80 and the first support at $86. The $80 level of support has existed for 30 years (see monthly chart below). Will the 30 year support level hold? There is a high probability.
The short term the chart is incredibly bullish with a probable move to $115. After that, be short.
Ww
Monthly chart
Daily chart
BTC
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Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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