Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Just a day after resolving a major outage to its online and mobile banking services, Westpac Bank has suffered from another systems failure, this time affecting EFTPOS, ATMs and card transactions.

Westpac customers have blasted the bank after being locked out of their accounts for almost three days, leaving some unable to buy food.

Mobile and online banking services were hit by a technical glitch on Friday, throwing thousands of Australians’ long weekend plans in to disarray.

Westpac has called for foreign banks to be subjected to a new levy so domestic banks are not disadvantaged.

The Turnbull government is proposing to impose a 0.015 per cent levy on banks with total liabilities of more than $100 billion, starting on July 1, which will raise $6.2 billion over the next four years.

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: Downwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 31.97.

The projected lower bound is: 29.63.

The projected closing price is: 30.80.

WESTPAC FPO closed up 0.350 at 30.880. Volume was 28% below average (neutral) and Bollinger Bands were 37% narrower than normal.

Open        High         Low          Close         Volume
30.550     30.970     30.540     30.880     4,901,913

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

Moving Averages: 10-period      50-period     200-period
Close:                       30.31              32.48            32.08
Volatility:                30                   23                  21
Volume:                  8,999,539     7,710,388     6,110,634

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 3.7% below its 200-period moving average and is in an downward trend. Volatility is high 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 31 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 52.1126. This is not an overbought or oversold reading. The last signal was a sell 1 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 47.64. 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 6 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 82. 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 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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