CBA teeters at edge of monster chart cliff

Ugly today for banks. CBA is down -1%, WBC -1.7%, NAB -1.5%, ANZ -1.9%, BOQ -4.6%, SUN -2%, BEN -3.3% and MQG -2.4%:

ANZ is at the brink on new lows and CBA has again flirted with its monster head and shoulders top, opening below $70 then rallying back. The break is surely inevitable:

When (if) this pattern breaks it will be ringing a clarion bell for a forthcoming Australian recession.

Big iron is also down with BHP -2.3%, RIO -0.5% and FMG 1.4% with Dalian flat:

Big gas is not happy, either, despite oil firming. WPL is -1.2%, OSH -1%, ORG -3.8%, STO – 1.7% and LNG -1.6%:

Not pretty!

Share

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.