ANZ Shares In No Man’s Land, Reports TechWizard

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

By Rudi Filapek-Vandyck

ANZ Bank ((ANZ)) is now the favourite of most (but not all) banking analysts in Australia, the TechWizard has noted. From a pure technical perspective however, the shares are trading in no man's land, he says.

Thus it is his view that ANZ Bank shares can go either way from here. Key resistance is at $23.60/80 and the Wizard reports a weekly close above this level would indicate the underlying trend has turned positive (bullish). Under such a scenario a return to the $26.00 region should not be considered implausible, he adds.

On the other hand, a fall below the bottom trend line would be very bearish and could see the $20.00 target come back into focus.  At present, notes the Wizard, the shares have carved out a bearish looking wedge on price charts.

The TechWizard has informed us he currently does not own shares in the company.

The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au The views expressed are the TechWizard's, not FNArena's (see our disclaimer).

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