CBA share price breaks for real

David Llewellyn-Smith

Wednesday, 13 June 2018

The AUD is still falling this morning as, unusually, consumer sentiment has moved the market:

Bonds are bid a little:

XJO is down:

Dalian down at the open:

Big Iron likewise:

Big Gas too:

Big Gold mixed:

Big Scum is broken. The CBA price support around $69 is busted. $50 looks a good chart target as the bearish descending triangle ruptures:

Same for WBC with a $20 chart target:

Big Idiot still thinks it’s exempt:

It’s not.

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.