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ANZ.AX finds buyers around 26.66 for the third day in a row


Technical Analysis Report for ANZ.AX - Apr 17, 2018 [1 min read]
Highlights
ANZ.AX finds buyers around 26.66 for the third day in a row
ANZ.AX closes below its opening price unable to hold early session gains
ANZ.AX stuck within tight trading range
ANZ.AX closes within previous day's range after lackluster session
ANZ.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for ANZ.AX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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

Order Flow

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.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Low close to previous two Lows TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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