Westpac Hastings Management Sale

Westpac Hastings Management Sale

Property developer and investor Charter Hall is looking to increase its funds under management platform with the potential purchase of Westpac Banking Corp’s $14.3 billion infrastructure investment business, Hastings Management.

Hastings is 100 per cent owned by Westpac which was acquired over two separate branches. Westpac acquired 51 per cent of the group in October 2002 for $36 million.

Technical Analysis

Overall, the bias in prices is: Upwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

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

The projected upper bound is: 33.63.

The projected lower bound is: 30.91.

The projected closing price is: 32.27.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

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 74.0946. This is not an overbought or oversold reading. The last signal was a sell 0 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 59.67. 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 32 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 102.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 1 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 36 period(s) ago.

Rex Takasugi – TD Profile

WESTPAC FPO closed up 0.110 at 32.280. Volume was 61% below average (consolidating) and Bollinger Bands were 6% wider than normal.

Open    High      Low       Close     Volume
32.310  32.425  32.260  32.280  2,852,274

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

Moving Averages: 10-period    50-period    200-period
Close:                       31.70            30.82           32.24
Volatility:                32                 28                 22
Volume:                  7,109,042    8,086,575   6,302,083

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 0.1% above 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 21 periods.

“Investing in Thailand? Contact Us.”

The following two tabs change content below.

Ivy Heffernan

Ivy Heffernan, student of Economics at Buckingham University. Junior Analyst at HeffX and experienced marketing director.

Latest posts by Ivy Heffernan (see all)