Shares in Australia and New Zealand Banking Group (ASX: ANZ) climbed 1.3 per cent in morning trade after the bank revealed a cash profit of $1.79 billion for the quarter ending June 30, 2017. The cash profit is up 5.3% or 0.3% before provisions for bad debts, with total revenues for the quarter down 0.3%.
The group’s net interest margin remained flat, with customer deposit growth up 2.3% and net lending growth of 2%. The group also flagged that it achieved “above system” growth in residential mortgages thanks to growing demand for its loans from owner-occupiers in particular.
The group’s chief executive is continuing to restructure the business via operational divestments in Asia and across its capital-intensive life insurance business. Elsewhere cost cutting is being implemented as the bank attempts to lead the way in adjusting to the digital future of banking.
The bank trades on 13x earnings per share, with a fully franked dividend yield of 5.4%.
Overall, the bias in prices is: Sideways.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
The projected upper bound is: 30.65.
The projected lower bound is: 28.61.
The projected closing price is: 29.63.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 22 white candles and 27 black candles for a net of 5 black candles.
A hammer occurred (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold (which appears to be the case with ANZ BANK FPO) to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.
A hanging man occurred (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend (which appears to be the case with ANZ BANK FPO) it is called a bullish hammer.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 48.7985. This is not an overbought or oversold reading. The last signal was a buy 1 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 50.10. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 61 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 -56. This is not a topping or bottoming area. The last signal was a buy 1 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 sell 7 period(s) ago.
Rex Takasugi – TD Profile
ANZ BANK FPO closed up 0.190 at 29.590. Volume was 44% below average (neutral) and Bollinger Bands were 44% narrower than normal.
Open High Low Close Volume
29.600 29.635 29.180 29.590 3,646,631
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 29.59 29.39 29.86
Volatility: 12 22 21
Volume: 4,521,477 5,284,451 6,021,618
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 0.9% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of ANZ.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on ANZ.AX and have had this outlook for the last 5 periods.
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