Emerging Sell In ANZ

This story features ANZ GROUP HOLDINGS LIMITED. For more info SHARE ANALYSIS: ANZ

By Nick Linton-Ffrost

Emerging Sell

We suspect ANZ Bank ((ANZ)) has formed a near term topping pattern between 33.20 and 33.70 which implies a decline towards 32.40 over the next week or two.

Our view is based on the assumption that ANZ has formed a H/S top and has completed the “b” wave within a structure which is correcting the rally from 32.30 to 33.80.

We suggest opening short positions given a lower high has formed at 33.45. Trading above 33.50 for more than a few days negates our view.

Trading tactics

Open shorts using a 33.20 limit placing stops at 33.55 and looking for a move to 32.40.
 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

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