From TradingView · · 1m 10s
ANZ stock: Up to 41, then down to 32
A trader sees ANZ Group rising first before a larger bearish move takes hold.
In brief
A trader sees ANZ Group rising first before a larger bearish move takes hold. ANZ may rally to 41 before sellers take control and push the stock down to a 32 target. Originally reported by TradingView.
ANZ presents a sell opportunity
ANZ Group shows a bearish setup, but the path down won't be direct. The stock may climb first before the larger decline unfolds.
First move: up to 41
The initial phase could see ANZ rise toward the 41 level. This upside move is part of the overall bearish scenario, not a contradiction of it.
“The move toward 41 is an important part of the overall scenario.”
Sellers regain control at 41
Around 41, the bullish phase is expected to lose strength. That's where selling pressure should develop and rejection signals may appear.
“Price could use that higher area as a point where sellers regain influence”
Then the drop to 32
After the peak near 41, ANZ is projected to enter a deeper decline. The primary downside target sits at 32.
“First 41. Then the bigger move lower. 32 remains the destination.”
Read the sequence, not each candle
The strategy focuses on the overall price path rather than reacting to every movement. The upside doesn't invalidate the bearish thesis.
“The focus remains on reading the sequence rather than reacting to every individual candle.”
Here's the gist
ANZ may rally to 41 before sellers take control and push the stock down to a 32 target.
