I don't think you need a sophisticated chart to read the ANZ trend. Strong down trend, significant volumes - looking really ugly and fast approaching 5 year lows ... you need to have a very long term view to consider this still as positive.
The next resistance points I can see are around $20 and around $19. Will they stop the down trend? The 5 year low ($19) might if the coming economic update is good, but who knows?
While the fundamentals we know make the share look undervalued ... the market appears to be clearly worried. Sometimes it is right and sometimes it is wrong, but it is always stronger than the individual investor.
I would stay on the sidelines until the trend changes. And yes - there will be at some stage an amazing opportunity to buy really cheap ANZ shares. However - better to buy them for a modest premium in a confirmed up trend, than to buy into a down trend and see your money just disappear without knowing how far down the bottom still might be.
CBA .Record profit .DIVIDEND unchanged, page-17
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Last
$30.44 |
Change
-0.310(1.01%) |
Mkt cap ! $90.80B | |||
| Open | High | Low | Value | Volume |
| $30.70 | $30.82 | $30.33 | $143.9M | 4.729M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 50 | $30.44 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $30.45 | 1000 | 1 |
View Market Depth
| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| ANZ (ASX) Chart |