WBC.AX finds buyers at key support level
Westpac Banking Corp (WBC.AX) Technical Analysis Report for Jul 13, 2018
WBC.AX finished the week -0.6% lower at 29.60 after losing A$0.16 (-0.54%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Friday's trading range was A$0.52 (1.74%), that's far above last trading month's daily average range of A$0.36. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After trading as low as 29.33 during the day, the share bounced off the key support level at 29.51. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 29.88.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 29.92 where further buy stops might get triggered. As prices are trading close to July's low at 29.12, downside momentum could accelerate should Westpac Banking mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.