WBC - Westpac Banking Corporation

[Joshbl098]

Hmm, as it would be natural for a market to worry pre GDP and house data, today stocks are up led by banks... I don't think the news is having that great deal of impact on the stock price. WBC broke through it's line if resistance pretty sharply, rising to 25.60 that quickly would cause major pessamism about the SP. Now that the stock as broken through the support level of $22 I would now assume best case scenario that the stock will begin it's way back up to the original resistance, or continue to fall to the next level of support 21$.

I bought it on Monday at 22.09, right at the open, probably a mistake to do so because if I had of waited half an hour the stock would fall below 22 again.
In worst case scenario, if the stock falls bellow 21.50 I'll buy more. I can see the stock climbing back to 24 within the next month.
DYOR

 

[nulla nulla]

If it hits $25.60 in a hurry I'll sell the lot. Todays price action was interesting. Climbed from a low $21.84 to the interday high of $22.19. The volume at $22.12 was huge.
If the international markets are up tonight, tomorrow should be even better.

 

[nulla nulla]

International markets were up, however Australian finance stocks were on the nose today. wbc retraced to close on $21.95. Not low enough to go in for more. not high enough to sell. The waiting game begins.

 

[Joshbl098]

Ugh... today is going to be horrible... Market is open for 2 minutes and everything is in the red.
Im really reluctant to sell since I see such a great oppertunity to make money within the next month/s if the world can just chill out for a moment. Im going to hold onto them. If there is going to be a double dip, there has to be a second bull first... right? haha

 

[nulla nulla]

Ugh... today is going to be horrible... Market is open for 2 minutes and everything is in the red.
Im really reluctant to sell since I see such a great oppertunity to make money within the next month/s if the world can just chill out for a moment. Im going to hold onto them. If there is going to be a double dip, there has to be a second bull first... right? haha

If you think Thursday was bad, Friday was worse. For a while it looked like wbc would claw it's way back above $21.60 but then in the latter part of the day the sellers pushed it down to $21.30 with the price bouncing to $21.35 in the close.

The charts indicate the share as "oversold" but the market sentiment for banks atm is bad and there is every likelihood that the price could get pushed further down. International markets are all contracting under the negative feedback of the economic "recovery" and Australian banks are getting sept along with the tide.

DYOR, imo it is currently a "buy" but with my luck the price will only drop lower before the sentiments swing back in favour of banks.

 

[ginar]

WBC sees 21.00 as key support .

 

[Joshbl098]

I'm holding onto the stock I bought at 22.09, with money ready to buy at close to 21.00. i might buy if the stock hits 21.10, to make sure i dont miss the low just in case. but likewise i suspect wbc's real line of support is 21. so ill buy, and if it goes down further, ill hold on.
what is happening to the economy is the same as what was happening with companies those couple years ago. Greece is getting bailed out, so will any others if need be. Australian banks are well managed and guaranteed. personally i think the current price is a ridiculous opportunity, and if people just hold on then they will be fine.
traders are finding any reason to sell because the stocks optometrist power has reached its max, and soon, its pessimistic power will die. just watch, i bet in a couple weeks nothing will stop the soaring bulls.

 

[poverty]

just watch, i bet in a couple weeks nothing will stop the soaring bulls.

Hold for QE3 and the miraculous market 'rally' that will follow.

 

[Julia]

traders are finding any reason to sell because the stocks optometrist power has reached its max, and soon, its pessimistic power will die. just watch, i bet in a couple weeks nothing will stop the soaring bulls.

What is 'optometrist power'?

 

[poverty]

What is 'optometrist power'?

That's the ability to see market forces that you cannot.

 

[nulla nulla]

What is 'optometrist power'?

Getting new glasses when you are having trouble reading the charts??

 

[Joshbl098]

Hahahaha.
Optimistic.

 

[Joshbl098]

Very embarrassing.. haha

 

[KurwaJegoMac]

traders are finding any reason to sell because the stocks optometrist power has reached its max, and soon, its pessimistic power will die. just watch, i bet in a couple weeks nothing will stop the soaring bulls.

Just out of curiosity, exactly how are you measuring 'optimising/pessimistic power' and how have you determined when it is at a maximum or minimum?

 

[Joshbl098]

Well, you cant. I didn't write that statement for everyone to try and find whats wrong with it, or take advice from it, I'm just participating in discussion about how I feel about the stock.
All I'm saying is that I FEEL that there gets to a point in the market when people fear about what other people may do. And other peoples reactions are based on the same fear. So if one person were to think the price has peaked and begins to worry others think so too, they sell there stock, and of course, that's what everyone else is thinking, so the SP falls... I mean that's the core basics of how the stock market works...
And I use the word "power" to describe how rapidly the stock rises then falls again.

 

[nulla nulla]

Westpac spent the best part of the week trying to bounce, however every time it rallied interday it would get pushed back before close. After an "up" night on the international markets on Thursday, Westpac opened above $22.00 on Friday morning.

Unfortunately it was all down hill from there, pushing down below Thursdays close to rally slightly in the last 20 minutes to close 6c higher. I had to laugh when the channel 9 6:00 o'clock news included westpac in their finance report as having a good result.

The djia fall of 176 Friday night doesn't bode well for our finance stocks next week.

 

[The_Snowman]

lot of charts in this thread so may as well throw mine in the mix

you can see where this program gave sell signal, target was hit, but no buy signal yet

 

[nulla nulla]

My buy signal was $21.51 on May 25th. I accumulated some more at $21.51 on June 2nd and again at $21.46 on June 3rd. We are a bit overweight with wbc so I unloaded some yesterday, locking in moderate profit and preserving capital. I will re-enter if it drops below $21.80.

 

[nulla nulla]

After the publication of two articles in todays Sydney Morning Herald Business section I was not surprised to see wbc open lower and fall. The articles painted a fairly negative perspective of the Western Sydney component of morgages written by wbc in the period 2008 - 2009. Apparantly the sky is going to fall and the potential late or missed mortgage payments will cause wbc to miss their expected billion dollar profits.

We almost got back in at $21.81 but fortunately held back long enough for the entry on the second dip to $21.61. No doubt it will be cheaper tomorrow.

As always do your own research, and remember I am biased, I hold wbc (Sometimes I think the ratings agencies work hand in glove with the hedge funds when they want something negative printed so they can short the stock).

 

[Joshbl098]

I agree with you completely, some guy out there is making bucket loads from shorting this stock. Today was a shocker... Lets hope there is a reversal. Good day to buy in...