Buy CBA at 160

BA is approaching a long-term horizontal support level at $160, which has acted as a strong floor multiple times in the past.

Technical View:

Support Zone: $160–$161 (historical demand zone since mid-2023).

Trend Context: Price has been in a sideways range between $160 and $175, consolidating after a strong rally earlier this year.

Indicators:

RSI currently in the mid-40s, suggesting neutral momentum but leaning toward oversold on shorter timeframes.

Volume picking up slightly near support, hinting at accumulation.

Candle Patterns: Watch for bullish reversal candles (hammer, bullish engulfing) around $160 to confirm buyer strength.

Trade Idea:

Bullish Scenario: If price holds $160 with strong bullish candle confirmation, potential bounce back to $168–$172.

Bearish Scenario: A decisive close below $160 could open the door to $154–$150 in the short term.

Risk Management:

For a long position: Stop loss just below $158 to protect against a false breakout.

For a short position: Wait for a confirmed break and retest of $160 as resistance.