Bank sector technical outlook - reasons for caution

Angela Mangan

QMG Pty Ltd

Bank sector technical outlook - reasons for caution. Late last week, WBC, ANZ and BOQ reached technical buy signal target levels. This has resulted in no bank stocks now being rated as technical buys, given the gains that have recently occurred causing technical targets to be reached. The four major banks are overbought on a momentum basis which is reason for caution relating to the sustainability of the current rally. However, technical top formations will need to be generated to activate outright sell signals.

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Angela Mangan
Technical Analyst
QMG Pty Ltd

Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.


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