ANZ.AX finds buyers around 26.66 for the third day in a row
ANZ.AX finished Tuesday at 26.72 edging higher A$0.01 (0.04%) on low volume. Trading A$0.15 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. 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.
Tuesday's trading range was A$0.29 (1.08%), that's below last trading month's daily average range of A$0.37. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 26.66 and 27.06 which it has been in now for the last three days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
Prices are trading close to a key support level at 26.59. The market found buyers again today around 26.66 for the third trading day in a row after having found demand at 26.67 in the previous session and at 26.71 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 26.59 where further sell stops might get activated. With prices trading close to this year's low at 26.21, downside momentum could speed up should ANZ Banking break out to new lows for the year.
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
|Close near high of period||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
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