ASX:ANZ   AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Do you really need an explanation ? If so stop trading

Comments

Agree & the overall market sentiment will play a role too
Reply
ANZ are posting their earnings in a few days, depending on the sentiment on the back of these results will most likely dictate the break either way.
Reply
I use COMMSEC. I cant not short there. Do you know any platform where we can short ASX stocks?
Reply
Wiz_of_Oz Ronnymelbourne
@Ronnymelbourne, Most will not allow you to short. But CFDs will allow you to trade long & short in a stock. However CFDs are very high risk & if you do not know them well then my sincere advice is to stay away & trade the stock as a trader & not an investor.
Reply
@Wiz_of_Oz, Thanks.
Reply
Can you explain please, asking for a friend :)
Reply
Wiz_of_Oz girthquake
@girthquake, The pattern that is forming is a symmetrical triangle chart pattern. It is a neutral chart pattern that can break either up or down. Most of the time they act more like a continuation than a reversal chart pattern. As long as the price is in the triangle, you wait and look for a valid move outside of the triangle that goes outside of the triangle and closes outside. A fake move would go out of the triangle but it would close in the inside area. After you get confirmation If it moves upward, you will look to identify a buy trade & downward means you will look to identify a sell trade. A lot of websites will give your friend information on "Chart Patterns"
+2 Reply
Wiz_of_Oz Wiz_of_Oz
@Wiz_of_Oz, Please tell your friend my sincere advice is to trade with the trend..ALWAYS.
+1 Reply
girthquake Wiz_of_Oz
@Wiz_of_Oz, Ok thanks, I think he'll appreciate this.

I've noticed that the same formation applies to NAB, CBA & westpac, you recon all of them will follow suite?

Also I've noticed there's a rising wedge on XJO, with a decrease in volume (volume based on AUS200) do you think this will go down bigly?
Reply
Wiz_of_Oz girthquake
@girthquake, The chart pattern does not discriminate between stocks. Having said that each stock may move differently. I do not base my trades on what I think. I let the price action dictate. Hope this helps.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out