Planet Wealth - Australian Stock Market Education » ANZ Finding Support? http://planetwealthblog.com.au We are a stockmarket investment company that educates people on the strategies we use to create both income and capital growth. Fri, 10 Sep 2010 05:10:41 +0000 en hourly 1 http://wordpress.org/?v=3.0 ANZ Finding Support? http://planetwealthblog.com.au/anz-finding-support/ http://planetwealthblog.com.au/anz-finding-support/#comments Tue, 02 Jun 2009 03:07:32 +0000 Planet Wealth http://planetwealthblog.com.au/?p=635
ANZ Finding Support?

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.

010609 anz ANZ Finding Support?

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