WBC 0.00% $16.49 westpac banking corporation

intermediate short.

  1. 280 Posts.
    If you believe the banks look weak and that higher interest rates will put downward pressure on their stock price, then WBC is worth a look.

    Looking at the MACD we've had three consecutive lower highs and three consecutive lower lows in the last 7 months. Today’s cross would make it 4 consecutive lower highs. The last two peak crosses saw moves of about $1.50 falls (high to low) or about 10%.

    The interesting thing here is that price action looks allot like the right shoulder of a head and shoulders pattern. If that’s the case, then it could fall quite rapidly. First target is strong support about $1 lower from the current price. Stop should be just above recent high at $16.68 therefore initial reward to risk ratio is 3 to 1. If support fails then yee haa.

    The only problem I see is that OBV has been trending up in he last 7 months even though the price has been drifting sideways. This suggests underlying strength in the long term.

    Probability does not prevent the possible from happening.

    Trade smart.
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Mkt cap ! $59.55B
Open High Low Value Volume
0.0¢ $16.83 $16.48 $2.624M 113.5K

Buyers (Bids)

No. Vol. Price($)
7 19339 $17.61

Sellers (Offers)

Price($) Vol. No.
$14.55 8100 4
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Last trade - 10.08am 04/08/2020 (20 minute delay) ?
0.000 ( 2.07 %)
Open High Low Volume
$16.86 $16.94 $16.83 114150
Last updated 10.29am 04/08/2020 (live) ?
WBC (ASX) Chart
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