“At the start of this year, most analysts were bearish on the banks,” Michael said.

“There were concerns that banks were too expensive in an environment of soft growth, high interest rates, and increased competition.

“However, we identified some positive price action that suggested that the banks could surprise on the upside.

“In the case of ANZ, we noted to our subscribers that a break above resistance at $26 should lead to a decent move up towards $29.

“Since peaking in early March, we can see ANZ has been easing back in what looks like an almost perfectly formed bull-flag.

“ANZ remains a hold here as it looks as though it is just a matter of time until we get an upside break and it starts trending higher yet again.

“That is, an upside break from this bull-flag is the next buying opportunity for investors.

“A push above $29 again should be the buy trigger,” Michael said.

 ANZ

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