When chatting with my friend on Australia bank share performance, we got into a gentleman's agreement of a $50 bet.
On 1st Dec 2018, if CBA share price is higher than today's price of $72.25, I will give my $50 to Mr "B", if he lost the bet, he will shout me a lunch of equivalent amount (It is kind of nothing to lose for him as he shouts me lunch often:-)).
My view is that given the US bond rate is going up which will increase banks borrowing costs, and the same time less loans will be written due to tightening of lending criteria and state of Australia housing market. It is a no brainer!
Looking at the CBA price chart, I can already spot a descending triangle pattern in the short term. which will give a price target of $62 in 3 months time.
