Are we seeing an INVERSE H&S pattern in the making with ANZ ? Current trading range in effect, since the beginning of May, looks more likely than not as an accumulation pattern,so far at least. AS LONG AS LOW MADE ON 10/06/2015 holds. This TR started to take the shape of an INVERSE H&S pattern which is yet to be completed. Confirmation of that, will come if and when we see a daily close above the neck line and the BLUE DASHED HORIZONTAL RESISTANCE LINE.
Some of these patterns even if completed, may fail and some may work out and reach and exceed their price objectives, which in this case is just below $36.
Watchlist and stalking ANZ may be warranted.
As always the intend of this analysis is for educational purposes only. It should not be taken as an investment advice as outlined in the disclaimer.
Thank you.

Comments are closed.