Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

  • Westpac New Zealand is alleging the former wife of a Lane Walker Rudkin (LWR) kingpin was deceitful and fraudulent and wants $50 million.
  • The bank’s court action came to light in a judgement released earlier this month by Associate Judge Rob Osborne in the High Court at Christchurch.
  • Westpac is suing Ken Anderson’s ex-wife Patricia Karenia Anderson for about $50.8m, alleging both deceit and a conspiracy to defraud.

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: Upwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 32.82.

The projected lower bound is: 31.08.

The projected closing price is: 31.95.

WESTPAC FPO closed up 0.060 at 31.950. Volume was 43% below average (neutral) and Bollinger Bands were 47% narrower than normal.

Open         High          Low          Close         Volume
32.070      32.100      31.800      31.950      3,656,925

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period       50-period      200-period
Close:                       31.65               31.83              32.47
Volatility:                13                     17                    20
Volume:                   4,452,964      4,829,719      5,960,343

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 1.6% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of WBC.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on WBC.AX and have had this outlook for the last 2 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 85.1064. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 18 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 56.27. 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 78 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 97. This is not a topping or bottoming area. The last signal was a sell 8 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 10 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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