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 | by Techniquant Editorial Team
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 Candlestick Chart (ANZ.AX as at Jun 14, 2018):
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.
Breaking below the key support level at 26.21 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.