Westpac Banking Corp. Ltd. Stock Forecast
Weaker technical forecast for Westpac Banking Corp. Ltd. as stock downgraded to Hold/Accumulate.
(Updated on Jun 24, 2024)
No changes to the price of Westpac Banking Corp. Ltd. stock on the last trading day (Monday, 24th Jun 2024). During the last trading day the stock fluctuated 0% from a day low at $18.00 to a day high of $18.00. The price has been going up and down for this period, and there has been a 2.86% gain for the last 2 weeks.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.80% during the next 3 months and, with a 90% probability hold a price between $17.78 and $19.83 at the end of this 3-month period.
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WEBNF Signals & Forecast
The Westpac Banking Corp. Ltd. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $17.91 and $17.54. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, June 21, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
A sell signal from a double top formation was found on Monday, May 13, 2024 and based on theory for this formation the price should fall by -5.14% to $17.08 within 3 trading days since signal was issued (Thursday, May 16, 2024).
Support, Risk & Stop-loss for Westpac Banking Corp. Ltd. stock
Westpac Banking Corp. Ltd. finds support from accumulated volume at $17.89 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0%
Our recommended stop-loss: $17.28 (-4.00%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (WEBNF) For The Upcoming Trading Day Of Tuesday 25th
For the upcoming trading day on Tuesday, 25th we expect Westpac Banking Corp. Ltd. to open at $18.00, and during the day (based on 14 day Average True Range), to move between $17.82 and $18.18, which gives a possible trading interval of +/-$0.177 (+/-0.98%) up or down from last closing price. If Westpac Banking Corp. Ltd. takes out the full calculated possible swing range there will be an estimated 1.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $17.89 (0.61%) than the resistance at $18.19 (1.03%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Westpac Banking Corp. Ltd. stock A Buy?
Westpac Banking Corp. Ltd. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Westpac Banking Corp. Ltd. of Tuesday, June 25, 2024
| Fair opening price June 25, 2024 | Current price |
|---|---|
| $18.00 ( 0%) | $18.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WEBNF
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.00 | - |
| R2 | 18.00 | - |
| R1 | 18.00 | - |
| Price | 18.00 | |
| S1 | 18.00 | - |
| S2 | 18.00 | - |
| S3 | 18.00 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 18.22 | 1.22% |
| R2 | 18.20 | 1.08% |
| R1 | 18.19 | 1.03% |
| Price | 18.00 | |
| S1 | 17.89 | -0.611% |
| S2 | 17.55 | -2.51% |
| S3 | 17.22 | -4.33% |
WEBNF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | Jun 25, 2024 | $0.596 | 3.32% |
| 2 | Nov 09, 2023 | Nov 09, 2023 | Nov 09, 2023 | $0.659 | 4.98% |
| 3 | May 11, 2023 | May 11, 2023 | May 11, 2023 | $0.678 | 4.85% |
| 4 | Nov 17, 2022 | Nov 17, 2022 | Jul 02, 2013 | $0.617 | 2.39% |
| 5 | May 19, 2022 | May 19, 2022 | Jun 24, 2022 | $0.429 | 3.15% |
FAQ
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