Australia and New Zealand Banking Group Focus On Domestic Operations

Australia and New Zealand Banking Group Focus On Domestic Operations

The Australia and New Zealand Banking Group (ASX: ANZ) share price is always worth considering in my opinion.

ANZ is one of Australia’s big four banks and one of the biggest businesses in the country. ANZ has prospered over the last two decades due to Australia’s economic growth.

ANZ was unique with its strategy after the GFC. It decided to go on an acquisition spree and acquire stakes in several Asian banks. However, the bank is now reducing its exposure to Asia ever since Mike Smith’s departure.

Some investors may see this as a negative that the bank is reducing its diversification to the fast-growing Asian region. However, others may argue that ANZ hasn’t been able to tap into that growth, its efforts and capital would be better spent on the predictable growth of Australia.

Technical Analysis

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

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 29.38.

The projected upper bound is: 30.79.

The projected lower bound is: 28.52.

The projected closing price is: 29.65.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 36.0307. This is not an overbought or oversold reading. The last signal was a sell 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 54.69. 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 37 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 23. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.

Rex Takasugi – TD Profile

ANZ BANK FPO closed down -0.070 at 29.630. Volume was 48% below average (neutral) and Bollinger Bands were 6% wider than normal.

Open     High      Low       Close     Volume
29.840  29.890  29.520  29.630  3,525,880

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period    50-period    200-period
Close:                       29.79           28.58            29.62
Volatility:                33                 25                  22
Volume:                  6,552,069   6,670,998    6,361,004

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.

Summary

ANZ BANK FPO is currently 0.0% above its 200-period moving average and is in an upward trend. Volatility is high 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 bullish on ANZ.AX and have had this outlook for the last 27 periods.

“Investing in Thailand? Contact Us.”

The following two tabs change content below.

Ivy Heffernan

Ivy Heffernan, student of Economics at Buckingham University. Junior Analyst at HeffX and experienced marketing director.

You must be logged in to post comments :  
CONNECT WITH