Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

Westpac Banking Corp (ASX:WBC) HEFFX Highlights

  • WESTPAC chief Brian Hartzer says “nothing is off the table” as the bank figures out how to recoup South Australia’s $370 million bank tax.
  • His comments came as ANZ chief Shayne Elliott ­revealed his bank had already offloaded tens of millions of SA government bonds in ­reaction to the state’s shock tax last week.
  • Asked if he too would target the state, and even direct extra fees or costs on South Australians, Mr Hartzer said: “Well, nothing’s off the table.”
  • “It is too soon decide how we might respond if this goes through but obviously we have to look at the costs of operating in a particular location and if they are higher that is going to have an impact.”
  • Westpac shock as Apple bans its messaging payments app after three months
  • Tensions between Australia’s big banks and the world’s biggest technology company Apple have ratcheted up after the iPhone maker surprisingly ordered Westpac to remove a key feature of its recently revamped mobile banking application, which let customers make payments in popular chat applications.

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 stalling.

Intermediate term: Prices are trending.

The projected upper bound is: 31.67.

The projected lower bound is: 29.20.

The projected closing price is: 30.44.

WESTPAC FPO closed down -0.460 at 30.510. Volume was 93% above average (neutral) and Bollinger Bands were 36% narrower than normal.

Open          High          Low           Close        Volume
30.490      30.890      30.370      30.510      13,492,508

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

Moving Averages: 10-period        50-period     200-period
Close:                       30.33               31.72              32.11
Volatility:                25                     25                   21
Volume:                   7,047,861      8,125,206      6,180,713

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 5.0% below its 200-period moving average and is in an upward 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 bullish on WBC.AX and have had this outlook for the last 4 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 71.9558. This is not an overbought or oversold reading. The last signal was a buy 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 47.70. 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 15 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 24. This is not a topping or bottoming area. The last signal was a sell 11 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 19 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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