Westpac Banking Corp (ASX:WBC) HEFFX Highlights
- Two major Australian banks have successfully used blockchain, instead of paper, for bank guarantees on commercial property leasing.
- ANZ and Westpac teamed with IBM and shopping centre operator Scentre Group to digitise the guarantee process.
- The trial used distributed ledger technology to replace paper-based guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency.
- The use of blockchains, used to enable the digital currency Bitcoin, means you can prove where information has come from and gone to, creating new economic activity in areas such as financial services, supply chains and government registries.
- Westpac, along with 21 other financial institutions around the world have recently agreed to form a “validation group”, where they will test out a blockchain proof of concept (PoC) technology. If successful, the project could eventually lead to providers such as Westpac offering real time international money transfers to its customers.
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: 32.09.
The projected lower bound is: 29.48.
The projected closing price is: 30.79.
WESTPAC FPO closed up 0.280 at 30.870. Volume was 11% below average (neutral) and Bollinger Bands were 37% narrower than normal.
Open High Low Close Volume
30.900 31.020 30.740 30.870 6,255,590
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 30.71 31.26 32.15
Volatility: 27 26 21
Volume: 7,709,044 8,336,430 6,212,341
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.
WESTPAC FPO gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
WESTPAC FPO is currently 4.0% 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 10 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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 41.2501. This is not an overbought or oversold reading. The last signal was a buy 11 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 51.16. 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 21 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 66. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 25 period(s) ago.
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