Good afternoon team,
I have been tracking CBA (Combank) for a while for a shorting opportunity, the dead cat bounce appears to have completed and we are looking to enter a short position with a nice risk V reward. Markets are appearing to be moving to the downside as a whole, which should put pressure on individual stocks.
CBA – Daily Chart
Trade Setup: SELL market execution, current price 98.07, stop loss 102.60 and take profit 88 and 84 in extension.
Stop loss: 453 pips
Take profit: 1007-1407 pips
Contract size on Focus Market: 1 contract = $1 per pip