ANZ.AX closes below its opening price unable to hold early session gains


ANZ Banking Group (ANZ.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
ANZ.AX breaks key support level
ANZ.AX closes below its opening price unable to hold early session gains
ANZ.AX closes lower for the 4th day in a row
ANZ.AX breaks below previous session low
ANZ.AX falls to lowest close since September 15, 2016
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, ANZ.AX finished Thursday at 26.20 losing A$0.14 (-0.53%). Today's closing price of 26.20 marks the lowest close since September 15, 2016. Trading A$0.09 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 26.26, the market confirms its breakout through the prior session's low having traded A$0.18 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ANZ.AX
Volatility

Thursday's trading range was A$0.25 (0.95%), that's below last trading month's daily average range of A$0.34. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking below the key support level at 26.21 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for ANZ Banking Group
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
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