ARE THE AUSSIE FINANCIAL STOCKS ABOUT TO MAKE A STRONG MOVE?
Are the Aussie financial stocks about to move higher? We have already discussed AMP and how it looks to be ready to make its move after heavy accumulation.
Is ANZ further along? We have seen recent 6 month highs in late February, and now a pull back. Could this be the last point of supply before marking up in Phase E?
Last Friday we saw a very small spread bar with very high volume, which indicates there may have been some hidden buying at this level. The second largest volume since the 21st December. The stock rallied over 20% from that day till the recent highs. We are approx 50% back from the recent leg higher, a point that Wyckoff commonly referred too.
This chart smacks of “Wyckoff” accumulation and the phases he spoke of.
Stopping action, a short term rally, testing, shaking the market out, change of character, sign of strength with a jump of the creek followed by the last point of support.
What do we want to see next?
It’s simple. Demand. A wide spread bar to the upside with an increase in volume. Strong volume.
The point and figure count shows the possibility of a move to the $30-$33 level which does coincide with old highs.
I will be watching this one closely this week
Is ANZ further along? We have seen recent 6 month highs in late February, and now a pull back. Could this be the last point of supply before marking up in Phase E?
Last Friday we saw a very small spread bar with very high volume, which indicates there may have been some hidden buying at this level. The second largest volume since the 21st December. The stock rallied over 20% from that day till the recent highs. We are approx 50% back from the recent leg higher, a point that Wyckoff commonly referred too.
This chart smacks of “Wyckoff” accumulation and the phases he spoke of.
Stopping action, a short term rally, testing, shaking the market out, change of character, sign of strength with a jump of the creek followed by the last point of support.
What do we want to see next?
It’s simple. Demand. A wide spread bar to the upside with an increase in volume. Strong volume.
The point and figure count shows the possibility of a move to the $30-$33 level which does coincide with old highs.
I will be watching this one closely this week
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