Australia and New Zealand Banking Group Stock Forecast

Australia and New Zealand Banking Group stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 17, 2024)

ANZ.NZ Signals & Forecast

There are mixed signals in the stock today. The Australia and New Zealand Banking Group stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $30.86 and $31.25. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Wednesday, May 15, 2024, and so far it has risen 2.06%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, July 11, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy

Special Signal Notification

Golden Star 12 Months

The stock had a Golden Star Signal on Tuesday, July 11, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, May 15, 2024 and based on theory for this formation the price should go up by 8.08% to $33.20 within 41 trading days since signal was issued (Monday, May 20, 2024).

Support, Risk & Stop-loss for Australia and New Zealand Banking Group stock

Australia and New Zealand Banking Group finds support from accumulated volume at $30.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0.190 between high and low, or 0.620%. For the last week the stock has had daily average volatility of 1.67%

Our recommended stop-loss: $29.09 (-5.30%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 2 days ago.)

Trading Expectations (ANZ.NZ) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect Australia and New Zealand Banking Group Limited to open at $30.72, and during the day (based on 14 day Average True Range), to move between $30.10 and $31.34, which gives a possible trading interval of +/-$0.624 (+/-2.03%) up or down from last closing price. If Australia and New Zealand Banking Group Limited takes out the full calculated possible swing range there will be an estimated 4.06% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $30.88 (0.52%) than the support at $30.54 (0.59%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Australia and New Zealand Banking Group Limited stock A Buy?

Australia and New Zealand Banking Group holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.622 Hold/Accumulate Downgraded

Predicted Opening Price for Australia and New Zealand Banking Group Limited of Monday, May 20, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.