Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

  • WESTPAC have received backlash after encouraging their staff to vote Yes in the same-sex marriage plebiscite through a company wide email, which contained exaggerated information about LGBTI suicide rates in Australia.
  • The email, sent by the bank’s Youth Network to Westpac and St George employees, stated that a Yes vote was a “no brainer” and “would prevent 3000 suicides per year”.
  • But according to the Australian Bureau of Statistics a total of 2886 people died from intentional self harm in Australia in 2016, there was no indication as to what the motives were for these suicides or if sexual orientation or gender identity was a factor.

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.

By the way, prices are vulnerable to a correction towards 31.68.

The projected upper bound is: 32.94.

The projected lower bound is: 31.35.

The projected closing price is: 32.14.

WESTPAC FPO closed up 0.420 at 32.140. Volume was 33% below average (neutral) and Bollinger Bands were 46% narrower than normal.

Open High Low Close Volume___
32.100 32.160 31.910 32.140 3,983,873

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

Moving Averages: 10-period 50-period 200-period
Close: 31.99 31.79 32.46
Volatility: 13 16 21
Volume: 4,476,889 4,637,960 5,931,599

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 1.0% below its 200-period moving average and is in an upward 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 bullish on WBC.AX and have had this outlook for the last 9 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 31.2501. This is not an overbought or oversold reading. The last signal was a sell 5 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 85 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 68. This is not a topping or bottoming area. The last signal was a sell 2 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 17 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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