Commonwealth Bank of Australia (ASX:CBA) should trot this week into short term resistance around the $77-$78 area.
Sold 40% of trading parcel at $75.59 (+$1.20) to reduce risk heading into tomorrow’s half yearly report. Still believe report will be good and short term target likely.
Sold 30% at $76.91 (+$2.52) so average on remaining 30% trading parcel now $69.43 (+$7.48 on remaining 30%). Hold remainder of trading parcel and long term hold and collect dividend.
This article is published by Dean Mico.
Disclosure: The Edge Fund owns shares and has also added a short term trading position in Commonwealth Bank.
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