ANZ.AX closes within prior day's range after lackluster session

ANZ Banking Group (ANZ.AX) Technical Analysis Report for Sep 14, 2018

Highlights

ANZ.AX unable to break through key resistance level
ANZ.AX fails to close above 200-day moving average
ANZ.AX runs into sellers again around 28.28
ANZ.AX closes within previous day's range after lackluster session
ANZ.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 37% Bearish
Technical Forecast:

Overview

ANZ.AX ended the week -0.88% lower at 28.15 after gaining A$0.09 (0.32%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. 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

Friday's trading range was A$0.19 (0.68%), that's far below last trading month's daily average range of A$0.39. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, ANZ Banking managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Unable to break through the key technical resistance level at 28.16, the share closed below it after spiking as high as 28.28 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 28.29 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 28.28. After spiking up to 28.28 during the day, the market found resistance at the 200-day moving average at 28.23.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 28.03 where further sell stops might get triggered. Trading close to July's low at 27.80 we could see further downside momentum if potential sell stops at the level get activated.

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

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