WBC - Westpac Banking Corporation

[Sean K]

WBC & CBA are my 2 favoured banks based on stronger relative strength and the patterns that are forming, will be looking to add some WBC to my income portfolio in the near future but only a 1/2 parcel at the most for now.

They're my favourite too, but not in yet. Well, I was, but bailed to wait and see how short term events would unfold.

Good volume yesterday but failed to hold above that resistance at 17. Something's gotta give sooner or later I feel.

Come on bear! Rally!!

But not too much before I'm set ....

 

[Sean K]

Good volume yesterday but failed to hold above that resistance at 17. Something's gotta give sooner or later I feel.

Nice break through here and the H&S target around here. A nice H&S on CBA as well.

There was movement at the station ......

 

[Sean K]

Nice break through here and the H&S target around here. A nice H&S on CBA as well.

There was movement at the station ......

H&S target practically met. Should do tomorrow with the strength in the US. CBA similar. Bottoms in?

 

[investedz]

Hi kennas,

Placed some long orders yesterday, but did not get filled

When you say h&s target is met, did you mean that the H&S is complete (too late to trade long) or confirmed (indicator to buy)?

Yeh yeh i know DYR, but i promise won't hold you liable for what you say

 

[Muschu]

Any thoughts on the interpretation of today's results? I find it difficult to read these reports and to anticipate the market reaction.
Regards
Rick

 

[venno]

My interest in WBC has perked up today given the drop in SP. I have been searching for some news/announcment that triggered todays selling but can't find the smoking gun.

Can anyone help out?

 

[KurwaJegoMac]

I believe it might be due to the the ban on short selling of financials being lifted today, although I thought they would have dropped more. Perhaps the big institutions will be shorting in the next couple of days

 

[ROE]

I believe it might be due to the the ban on short selling of financials being lifted today, although I thought they would have dropped more. Perhaps the big institutions will be shorting in the next couple of days

Wait till the US market open on Tuesday, Monday is their public holiday
I reckon ASIC does this deliberately so it doesn't face the pressure of the US
market and the home grown shorters

More down days for Financial stocks ahead

 

[ROE]

My interest in WBC has perked up today given the drop in SP. I have been searching for some news/announcment that triggered todays selling but can't find the smoking gun.

Can anyone help out?

shorted is lifted on financial stock today .... brace for more negative days
and any bad news give ammunition for shorter to bell the hell out of them.

I join them on MQG 22 millions shares so far loan out for shorter

 

[venno]

Made a little money out of WBC yesterday, was going to go back in today when QBE caught my eye instead.

 

[gfresh]

Looks like Westpac is entering a fairly predictable downtrend.. not much volume recently, meaning should fall at least another 5% with the heavy shorts loaded onto it at the moment.

Next obvious stop is $18 - $18.50.. Longer target is $17, where exists multiple long-term support, however probably a couple of months off

 

[Sean K]

Looks like Westpac is entering a fairly predictable downtrend.. not much volume recently, meaning should fall at least another 5% with the heavy shorts loaded onto it at the moment.

Next obvious stop is $18 - $18.50.. Longer target is $17, where exists multiple long-term support, however probably a couple of months off

This was pretty good. Not sure about $17 now.

Market supposed to be correcting down further, but banks are going up.

Bit of a break up here, but just tentative.

I'm waiting for confirmation to add to position.

 

[gfresh]

Yeah.. was a tad wrong on the downtrend channel , although it did respect the upper trend line, broke in mid-July, and then bounced off it. More valid was probably the strong support exhibited at around $19.

Letting some profits carry, but I know I'm finding it hard to justify buying in on prices above $21.00 at the moment given so much is baked into a recovery already (watch it go to $25 now ))..

I still like WBC next to CBA being the largest two now.

 

[Sean K]

Good break up.

Been an amazing run for the banks, all way up off their lows. Approaching 50% in a few months.

 

[Sean K]

Fair to say the banks have broken up significantly the past 2 days. All WAY off the March bottom. Wonder how long this will last?

Is there going to a second phase to the US recession to pile a wall of worry on the world again? Or, have we been bailed out? Surely that debt will catch up to us again. FFS California can't even pay it's contracts out and is issuing IOUs...

Whatever the case, on the charts, this looks to be a significant longer term break, imo.

Could that be a Cup and Handle there?

 

[googs]

Trading halt on WBC today until tomorrow morning pending outcome of court case...anyone know much about this and how it would potentially impact the share price?

 

[Dark1975]

Trading halt on WBC today until tomorrow morning pending outcome of court case...anyone know much about this and how it would potentially impact the share price?

Mate i'd say the shares won't be dramatically affected,Cause this case has been ongoing for a while and would have been factored in,But in short the case embroils all the major banks over a structured finance-related transactions that date back ten years ago.Further more the NAB has set aside $nz661 million to cover the possibilty of losing as have ANZ has also set aside $nz405 million.
But in reguards to the question "Anyone know much about how it will affect the share price?"Answer: No one can answer that,It's like asking me what the xao will finish tomorrow?And unfornately we can only assume or guess?In short my personal opinion is that it won't affect the price alot,Because this case has been ongoing for a while and has been factored in,one would imagine.Anyway the ruling will be announced at 11am e.s.t tomorrow morning,unless westpac announce a statement before hand!

 

[nhkam]

WBC - Westpac

Strange trading price after market close for Westpac today.

My charting program recorded the following transaction for WBC on 01/02/2010 after market close. Can anyone tell me why this happen.

The trade is at $1.625 and the last transaction is 6:21pm.
Total volume is 191,636 shares.

 

[naughtynickers]

Re: WBC - Westpac

strange on etrade it has the top 2 transactions at a different price...
perhaps some director bought some shares off another for payment of relations wife his wife lol
Call ASIC

 

[skyQuake]

Re: WBC - Westpac

L5XT = late put through crossing. Just broker adjustments, nothing to worry about. Especially since it was reversed.