CBA to head lower in the next few days

While I don't think CBA is heading down too far over the next few days I see it moving a touch lower.

My reasoning is purely based on the break of the current $38.50 support level.

I see it heading to support at either $38 or $37.50.

In the longer term I see CBA holding its position and pushing even higher, but short term it shows a lot of technical weakness. This is shown by the steady downtrend the last 2 weeks.

CBA goes to ex-div next Monday (15th) with 112c. On the same day WES-another heavy weight also goes to ex-div (127c). Along with the negative lead from wall street Friday night, I believe it will end the XAO/XJO's 5 consecutive days record run. I am bit bearish towards CBA, I think it might re-test $36.00 support in the upcoming 2 weeks.

Ahh good point.

I forgot that they were going ex-div. With that I would see it heading back to $36 as well in the near term.