any chartist got an opinion on anz, page-15

ANZ breeched the 200ma and closed below it on 13Jun. However the next 2 days closed above the 200ma.
Since then, however it has traded above the 200ma, which is providing some support for it at around the $29 mark.
However, the 50ma line lies above the current trading range for ANZ, and this is a major insitutional marker for support/resistance. We would have to see this line broken - around the price of $29.90 in the next week to see any significant uprise from there.
On the daily, it certainly appears to be in a downtrend, with the RSI sitting roughly in the middle - not really giving us any true indication of where it wants to go. Definitely there is scope for both upside or downside on this indicator.

Bollinger bands keep the current price in the middle as well, but suggests that ANZ should drop to 2880 before making any significant moves upwards.
MACD, however looks promising to the upside.

The stock price is trying to remain above the exponential 15ma, after breaking above it on 18Jun07.


Fundamentally - ANZ has just got a new CEO, who is well respected and may encourage further buying into the market.
The 51 billion dollar surplus of money which is supposedly going into the market before the end of the FY should make a difference.


So, sorry about the mixed messages. The market appears to be undecided about the absolute direction it would like to take the banks.
Looking at the weekly chart - ANZ is still a BUY - but in the short term, there is no clear trend emerging.

Hope this helps.