June 2, 2009
ANZ Finding Support?
By Planet Wealth
ANZ this week has shown confirmation that the buyers have taken control after 18months of the bears dominating.
For 18 months ANZ has been in a strong down trend channel. In March this channel was breached and ANZ ran to the next resistance at $17.50. From there the stock retraced 50% to the support level at $15.00. This support is now being validated by the bounce.
ANZ has now made the first set of Higher Peak (HP) and Higher Trough(HT) above the down trend. This is confirmation Buyers have taken control. It is likely $17.50 will be retested. If breached $19.50 is the following resistance that could be tested.
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