I'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...
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...
As 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!
ASX 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...
ENTRY: 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.
Powerful 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).
Strong 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...
Share 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...
WBC 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.
Probably 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.
looking 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 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...
