The ‘Big Four’ Aussie banks have reacted negatively to the new Government Bank levy and this is reflected in recent price action. Here’s what I’m seeing on their charts and the levels I’d look at for any potential support should the sell-off continue.
ANZ weekly: watch for any continued pullback to possibly target the 61.8% Fibonacci level near $26 which is also previous S/R.
CBA weekly: watch for any continued pullback to possibly target the 61.8% Fibonacci level near $76.50.
NAB weekly: watch for any continued pullback to possibly target the 61.8% Fibonacci level near $28 which is also previous S/R.
WBC weekly: watch for any continued pullback to possibly target the 61.8% Fibonacci level near $31 which is also previous S/R.
Some Others:
DMP weekly: watch the Flag pattern and trend lines but, any hold below the Ichimoku Cloud and move back below $60 would be bearish and possibly support a deeper pullback. If so, watch the 61.8% Fib near $33:
FLN weekly: a bullish breakout from the descending wedge so watch for any continuation:
FMG weekly: watch to see if the 61.8% Fib near $4 helps to stem this slide at all:
