Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

  • All four of Australia’s biggest banks have decided to stop charging customers of other banks a $2 fee to withdraw cash from their ATMs.
  • The Commonwealth Bank was the first to announced early on Sunday the abolition of the fee, citing ongoing consumer unhappiness with it.
  • NAB, ANZ and Westpac followed suit on Sunday afternoon. But the fee will still apply to customers using overseas bank cards.
  • “We think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback,” the Commonwealth Bank’s group executive of retail banking services, Matt Comyn, said.

Westpac Banking Corporation is a banking organization. The Company provides a range of banking and financial services in markets, including consumer, business and institutional banking and wealth management services. The Company is engaged in the provision of financial services, including lending, deposit taking, payments services, investment portfolio management and advice, superannuation and funds management, insurance services, leasing finance, general finance, interest rate risk management and foreign exchange services. The Company’s segments include Consumer Bank, Business Bank, BT Financial Group (BTFG), Westpac Institutional Bank (WIB) and Westpac New Zealand. The Company has branches throughout Australia, New Zealand, Asia and in the Pacific region. The Company through its division offers its services under various brands, such as Westpac, St.George, BankSA, Bank of Melbourne and RAMS brands.

Overall, the bias in prices is: Sideways.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 32.66.

The projected lower bound is: 30.63.

The projected closing price is: 31.64.

WESTPAC FPO closed up 0.360 at 31.640. Volume was 35% below average (neutral) and Bollinger Bands were 58% narrower than normal.

Open         High       Low           Close       Volume
31.470      31.670     31.320      31.640     4,193,218

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period        50-period    200-period
Close:                       31.55               31.80             32.47
Volatility:                16                    20                   21
Volume:                  4,601,552       5,071,716      5,996,482

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

WESTPAC FPO is currently 2.5% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of WBC.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on WBC.AX and have had this outlook for the last 19 periods.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 35.7143. This is not an overbought or oversold reading. The last signal was a buy 15 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 51.42. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 75 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 33. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 7 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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