WBC Westpac Banking Corp ASXTriangle Pattern, breaking out to upside - likely to see increases for the next 4-10 weeks
WBC trade ideas
Buying Idea WBCWBC bouncing back from 50 day MV, with positive market sentiment could see this going back up from here. keeping a tight stop at 29.97 to see if this going to work.
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BEN BO continuationBEN broke out of a weekly trend much like WBC and is consolidating. Watching hourly channel for a BO for entry
ASX - WBC: 24 Apr, 2024© Master of Elliott Wave Analysis: Hua (Shane) Cuong, CEWA-M.
Details: The shorter-term outlook suggests that the ((iii))-green wave has recently peaked, and the ((iv))-green wave has unfolded in the form of a Flat correction, with the ((iv))-wave likely completed. The ((v))-green wave is now unfolding to push prices higher. Breaking above the 26.5 level would be an initial step to strongly reinforce this perspective.
Invalidation point: 22.33
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
Strong result and reasonable valuation Westpac shares bucked the trend amongst its banking peers rising after revealing its half-year result for the first half of the 2023 financial year. Cash earnings came in at $4,001m which rose +22% from last year benefiting from higher interest rates and making progress to become a simpler, stronger bank with disciplined cost and margin management providing $1 billion of in cost savings.
Interim dividend came in at 70 cents per share, up +15% from last year, and a 61% payout ratio to further strengthen their balance sheet.
We welcome Westpac’s result which was in-line with market expectations and with a conservative view anticipate loan business and margins to tighten slightly given the slowdown in the housing market due to rising interest rates. Westpac as still trades at a reasonable multiple compared to other big four banks’ forecasted to pay out a 6.5% dividend (taking a prudent approach of assuming no dividend growth from here).
Read more at: research.blackbull.com
Analysis: Spring effect: Buy ideaAs you see on the chart we will have a big probability of an uptrend because we have a spring effect on the vwap indicator and also on the support line. Thanks!
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 - Bearish rising wedge patternWBC - Bearish rising wedge pattern.
Usually, in a strong overall downtrend (as in this example), rising wedges patterns breakout to the downside.
WBC westpac banktrading in a bearish trend since 2015, has not broken trend lines since then, with 20-25% trades, good entry $19.90, exit $23.35 15% profit,
WBC - Westpac Banking Corporation - ASXWBC TA. Ride the wave. Don't be in hurry to buy and not too late too.
Auf Wiedersehen WBC Long PositionPowerful price action behaviour& violated up trending channels x 2 + Violated 40 period weekly SMA = Auf Wiedersehen WBC.
This analysis is not a financial advice but rather to demonstrate 2 different exit strategies on a long position. ( channel violation as well as 40 period SMA violation on weekly chart. I am now counting the down move ( not shown).
Westpac BankStrong Buy - On the move a quick 10% coming up if you ask me.
Same as ANZ Oil on a tare so support Financial Sector Banks love Oil.
Earnings have been declining over the last 5yrs if that matters in the share market world often doesn't so just buy what's on the move, still makes 2 Billion a year, I don't think they're going anywhere.
See below for various details.
Market Screener: ...... Buy
Investing.com: ......... Buy
EMA - Trade: ............ Buy
Mv Ave -Trade: ......... Buy
Macd - Trade: ........... Buy
Volume > Yest: ......... Buy
Rsi > 55 < 88: ........... Buy
I ntrinsic Val Ann: ....... Buy
Intrinsic Val TTM: ...... Buy
Total 9 Out of 9 :…..... Buy
Fundamentals Score: 53% … Good
9 out of 17 data points pass
$1000 invested Roi
Mv Ave: Brought on Feb 09.... $18.03
Macd: Brought on Feb 10....... $9.95
Rsi : 73% ....(Caution at 80%):
Volatility Index: 0.00% ....Currently Neutral Signal
Next Event: FY 2021 2021 Earnings Release
Date: Monday, 1 November 2021
Days Away: 259
Income last 5 years
(ttm) B : $2,290,000,000.00
2020: B : $2,290,000,000.00
2019: B : $6,784,000,000.00
2018: B : $8,095,000,000.00
2017: B : $7,990,000,000.00
2016: B : $7,445,000,000.00
Revenue Growth Rate (5Y): …. -3.48%
Net Profit Margin (ttm): …. 11.24%
Dividend Yield Prev Yrly % Return: …. 1.44%
Forward Annual Dividend Yield: …... 1.39%
Recent Announcements:
Redemption Notice for Westpac Capital Notes 3 15/2/2021, 10:06 am GENERAL -
Appendix 3G 15/2/2021, 8:30 am OFFER -
News
Thursday, 4 February 2021
Westpac Banking Corporation has today announced the appointment of Dr Nora Scheinkestel as an independent Non-executive Director with effect from 1 March 2021. Westpac has also announced that Craig Dunn intends to retire from the Board
Description
Westpac Banking Corporation provides various banking and financial services in Australia, New Zealand, and internationally. The company operates through four divisions: Consumer, Business, Westpac Institutional Bank, Westpac New Zealand, Specialist Businesses, and Group Businesses. It offers everyday banking, savings, term deposit, business transaction, foreign currency, and specialized accounts; home, personal, and business loans; credit cards; international and travel services; share trading services; investment; and home, car, travel, life, and business insurance products. The company also provides merchant and payment, corporate and institutional, transaction banking, financial market, corporate and structured finance, trade and supply chain financing, and industry specific banking and treasury services, as well as online banking services. It serves individuals; micro, small, and medium enterprises; commercial business and private wealth clients; and commercial, corporate, institutional, and government customers. The company was formerly known as Bank of New South Wales and changed its name to Westpac Banking Corporation in October 1982. The company was founded in 1817 and is headquartered in Sydney, Australia.
Hope this was helpful and helps make you money : )
wbc
23/10/2020 WBC price 18.82
BTO: 20.5 Put 17/12/20 expiry :$ 2.254/lot
28/10/2020
WBC: $18.25
BTC 20.5 Put : $2.50/lot
Westpack (WBC) shares break major resistance at 18.40Share prices continued its advancement in today's session with a price gap in the opening trades after a breakthrough in last week's session crossing over two major resistance levels at 17.14 and 17.61 as shown on the 30 minutes price chart.
Share prices need to remain above 18.40 to reach its next target at 19.16.
The current critical support and resistance estimates on the price chart are based on my indicator which predicts future price movements based on price action.
Major support estimates - 18.40, 17.60, 17.14, 16.37, and 15.90
Major resistance estimates - 19.16, 19.93, and 20.70
wbc heading lowerWBC with a bearish break down.
it should take the XJO down with it.
making the cash rate negative will not help.
diminishing returns mofo.
the only way WBC heads higher is if the RBA starts buying WBC shares.
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.
short WBClooking like a triangle setup
so i will say its gonna break
to the downside... because price
is still under the 61.8% fib level.
the only way for banks like WBC to rise again
is if the RBA starts buying up WBC shares.
it could happen too.
WBC 2020-JUL-08WBC has not had a great 12 months; but the trend is overwhelmingly positive. The long term spot price movement has a 98% fit to the mean when taken in log10; and the absolute majority of the price action remained within +/- 2 deviations from the mean. The 1993 recession caused the price to break below the -2 SD bound; as has the COVID19 event more recently. This latest movement pushed almost to -5 deviations; which statistically is an anomaly event given how much previous data we have to demonstrate the strength of the trend.
Financially, the numbers still stack up as well, with GDP related impacts being felt across the board not just within financials districts.
The risk of a return to the local low remains possible while the economic outlook is constrained, so a position here should reflect the risk of a >20% price decline; though the upside back to the mean is substantial and from an RR perspective does far outweigh the risk. Personal portfolio management will still need to be applied.
WBC - Price chart analysisWBC - Price chart analysis
WBC share prices had a reasonable pullback after a three -day rally. Share prices bounced off at 16.70 and have been trading around 17.25 and 17.50 for the last two sessions. I think a break above 17.50 could see share prices head back up to 18.28 - 18.48
