BEN BO continuationBEN broke out of a weekly trend much like WBC and is consolidating. Watching hourly channel for a BO for entry
WBC
WBC short term longI'm no charting expert however this seems glaringly obvious.
Formation of a triangle squeezing price for the next bar or two and there should be some movement, in this case I'm predicting movement upwards.
Keep an eye on volume, if there is more than avg volume it solidifies the upward trend in the short term.
Disclaimer: I entered approx Nov 2022 at AUD 24 and am looking to recoup my cost.
Macro view: I expect RBA to keep interest rates high (maybe one more rise) for the coming 2024-2025, which does not bid well for the banking sector
Shares - ASX200 - Westpac WBC Descending Triangle SHORTASX 200 - Westpac descending triangle breakout. High probably pattern. Target is set at 21.60. STO is low so entry price between 22.60 and 22.90. Expect levels around the 20.60 level as a take profit.
Volume: pretty low showing lack of support.
RSI: The new low has been confirmed by a new RSI low of 34.
STO: STO is low so it may be possible to enter a little higher just below 23.
Current Price: 22.63
Target 1: 21.60
Stop Loss: 23.90
WBC.ASX_Bearish Breakdown Trade_ShortENTRY: 20.70
SL: 21.52
TP: 20.22
- ADX<25. Would like to be higher.
- Daily RS +ve
- Daily FFI +ve
- Weekly RS -ve
- Weekly FFI +ve
- Moving averages are aligned.
- Price breakdown from uptrend line on 26 Sep 2022.
- Entry based on today breakdown from previous low (20.78) and >3% rebound off 10EMA but would like volume to be higher.
WBC - Westpac Banking Corporation - ASXWBC TA. Ride the wave. Don't be in hurry to buy and not too late too.
Another Country Breaking Out - Australia!When we look around the world, it often feels like the sky is falling if you tune into financial media. Well here, we look at the charts and see if we can find trends. We have a new breakout in an important commodity economy. Australia! Let’s have a look at the chart.
So here we have Australia going nowhere since June. Tons of failed breakouts with the wicks not being able to stay above 6130. We finally get the breakout with follow through as well. Not only do we have the breakout in price, we also have a breakout in RSI terms. This is bullish. Right now we are looking for stuff to buy. We have made that clear. Now we can add Australia to the list of markets that are breaking out.
Happy Trading!
Australian Big 4 Banks look disgusting30 year trend broken in March. Not sure if we retest March lows, but at least another 5%-10% to go
buy $16.98 sell $18.50Probably it will take some time to recover.
I think it will be a good opportunity to buy at $16.98 and sell at around $18.50.
P.S: Please note these are my own notes for future reference and by no means trading advise to anyone. Please do your own research before entering into any trade.
Long WBC!There are so many reasons to go long on WBC here.
Just a few:
At this price WBC is massively undervalued.
WBC just broke above its local trend.
WBC pays huge dividends.
Australia has beaten COVID-19.
Get on it doggon it
WESTPAC my god.... short the banks and all that WBCAUDwestpac bank has been completely gutted buy the covid19 mania.... literally feels like 2002 out here ........... gonna catch a long on this soon but no indication of reversal yet
More downside for Westpac $WBCWestpac getting close to a critical level and if we go below the yellow line,
we could assume that was a dead cat bounce and Westpac is heading back sub $24.
profit target zone for WBCWBC has had a nice rally upwards after hitting support but now we see a big hurdle for WBC which is the .618 fib zone.
NAB breaking out from an inverted H & S pattern ? and WBC ?Having formed the inverted H & S pattern NAB is consolidating the breakout and has the potential to move higher. WBC and NAB could easily share the same chart as the price action is virtually identical. An inverted H & S pattern is not very reliable and this is not investment/financial advice.
$WBC Westpac LT H&S forming but ST near completion$WBC Westpac LT H&S forming but ST near completion. Risk of spiral down
