weekend charting 16-17 july, page-203

Hi DG and thanks for the ANZ chart update mate. Your right that bar looks weak and would be even weaker if at the top of a rally rather than the bottom? In the context of what I believe has been farily substantial accummulation over the past 4-5 weeks, do we still read the same weakness with a bar like that? If you look at todays action which has been significant, it has gapped up again, smashed through potential SR lines and it will be a good volume day, not to the extent of a buying frenzy. I am expecting a close on or near the high today. We have been getting our higher lows and highs. I would be surprised if the SM are gapping it up to distribute now, just to take only a small gain. I would suggest their average is around $21-50ish. I may be wrong, god knows have been many times over, but, I believe the next major hurdle is a double top at $22-20ish and if it clears that, then a return to mid $23 to $24 is quite possible. The whole industry has been beaten down, in my opinion, oversold, with the EU Greece situation. With that largely resolved for the short term, it brings the local banks back into vogue again. I expect the CBA will report a cracker of a full year result in August and thats when I expect that the SM will commence distributing on the good news thats around. In the interim, it drifts upward and I will be looking for the VSA signs to herald my exit! Only my thoughts mate from an "insider" as you know. Lets see what happens. Cheers.