Australia and New Zealand Banking Group (ASX:ANZ) Possible Bearish Divergence
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 29.15.
The projected upper bound is: 32.43.
The projected lower bound is: 30.45.
The projected closing price is: 31.44.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 98.1618. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 4 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 73.28. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 124.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 36 period(s) ago.
Rex Takasugi – TD Profile
ANZ BANK FPO closed up 0.050 at 31.380. Volume was 14% below average (neutral) and Bollinger Bands were 27% wider than normal.
Open High Low Close Volume___
31.250 31.380 31.140 31.380 5,526,611
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 30.85 28.83 26.26
Volatility: 16 22 25
Volume: 5,192,541 6,811,385 7,017,976
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ANZ BANK FPO is currently 19.5% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into ANZ.AX (mildly bullish). Our trend forecasting oscillators are currently bullish on ANZ.AX and have had this outlook for the last 29 periods. Our momentum oscillator is currently indicating that ANZ.AX is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
Latest posts by HEFFX Australia (see all)
- Computershare Limited (ASX:CPU) Stock Overbought - October 18, 2017
- DEXUS Property Group (ASX:DXS) Heffx Daily Technicals - October 18, 2017
- BHP Billiton Limited (ASX:BHP) Heffx Technicals - October 18, 2017