Australian financials should mean revert

ANZ Group’s (Bank) stock price confirmed its downtrend (on a daily basis) on November 27, 2024, when #ANZ.AX was trading around $31.60.

Now, the stock price (currently at $30.20) is a whisker from confirming a ‘weekly’ downtrend.

I think the stock will ladder its way down to $26.15.
That’s 13% lower than today’s price.

In the meantime, I’ll monitor if the downtrends develop strength,
and let’s watch the magnetic pull of the 200 week moving average.

December 9, 2024
rob@karriasset.com.au