This is a 4:45 update therefore EOD may slightly differ ( I doubt) when ASX releases the final figures little later.
AT A MAJOR LONG TERM CHART SUPPORT A NICE AND DECISIVE STRONG REVERSAL TO THE UPSIDE MAY SUM TODAY’S PRICE ACTION BEHAVIOUR WITH ANZ.
I am analysing ANZ using WYCKOFF METHOD. Wyckoff Method is a full cycle trend following method which shines in trading ranges.
A BREAKDOWN and we are right on it testing it after four trading periods. This has the potential of being a Wyckoff Spring if we see the price action close above the level and hold above it. This level is around $26.50 which was the prior support of the trading range seen on the chart. Not only that, it is also a LONG TERM PRICE SUPPORT dating back months. Lets not forget the LONG TERM 61.8% Fib. retracement SUPPORT mentioned at the prior post.
We have seen a positive/bullish reaction today with the gap up @ open. Nice volume behind it as well. Is the C.O/Smart Money stepping in before the next mark up phase begins ? In time we will know if that may be the case.
A follow through would also give me the chance to look at a P&F chart for a BULLISH TENTATIVE PRICE OBJECTIVE, if on hand. That will be posted if and when it is available.
But for ANZ to be classified in a MAJOR BULL RUN AGAIN, it must close above $29.30.That is the level where I expect further potential technical long entry signals.
Disclosure : Held
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