Anz is currently respecting the $19.50 weekly support/resistance line with several recent touches. The next few days will tell us if the stock is strong enough to push through.

There are some short term bullish indications on the chart now, even though the over all sentiment is bearish. The Hight peaks (HP) and Higher Troughs (HT) that have been forming over the last month is one of the first signs.

Not only do stocks use Moving Averages (MAV)as support/resistance, but they also like to pull back to them when the distance between stock price and MAV is too great. ANZ has started to close this gap with the lastest HP and HT, which is a bullish signal. But buyers beware that when it reaches the MAV, this could act as a resistance.

(click on image to enlarge)

ANZ

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