Just when it looked like CBA shares might find some support around $150, today has given shareholders another reason to worry.
Commonwealth Bank of Australia (ASX: CBA) shares dropped to $147.41 during the session, taking them back to levels not seen since February.
That put the stock just 43 cents above its 52-week low of $146.98, although buyers have since stepped back in.
At the moment, CBA has recovered to $149.45, but it is still down 1.06%.
September hasn't been kind, with the stock losing around 6% since the beginning of the month.
And with another RBA interest rate decision coming up next Tuesday, there's plenty for investors to think about.
Interest rates are back in the spotlight, and that's not exactly what CBA shareholders want to hear right now.
The RBA has already lifted rates three times this year, taking the cash rate to 4.35%.
In its FY26 results, CBA reported that home loan applications fell 15% following May's changes, while investor applications dropped 28%.
That's a slowdown for Australia's largest mortgage lender, when housing demand is such a part of its business.
CBA still expects housing credit growth of around 4% to 5% over the next 12 months, so it's not all bad news.
But there's another issue investors need to consider.
Despite the recent share price decline, CBA is still trading on a price-to-earnings (P/E) ratio of roughly 23x.
Keep in mind, that's a price to pay with borrowing costs climbing and mortgage demand showing signs of slowing.
The first level I'm watching is $146.98, which is CBA's 52-week low and a price it came close to testing today.
If that level gives way, $140 is only around 5% below today's intraday low, so it's not a big move.
And brokers aren't exactly expecting a quick recovery either.
According to TipRanks, 8 analysts have an average 12-month price target of $123.08, with forecasts ranging from $90 to $144.99.
That implies a 18% downside from the current share price, although broker forecasts don't always play out as expected.
It's worth remembering that CBA is still making plenty of money.
The bank reported a record FY26 cash profit of $10.98 billion, up 7%, and paid shareholders $5.05 in franked dividends.
Nonetheless, I think $140 is a realistic level to watch if CBA breaks below its February low.