Westpac Shares Bottoming, Says TechWizard

This story features WESTPAC BANKING CORPORATION. For more info SHARE ANALYSIS: WBC

The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

By Rudi Filapek-Vandyck

The TechWizard likes to see divergence occurring at tops and bottoms. It helps him in determining when turning points are about to kick in.

Right now, he sees divergence forming on price charts for banks in Australia, such as Westpac ((WBC)). While this doesn't mean the shares will put in a rally today or tomorrow, it is likely a signal that a bottoming process is taking hold, reports the Wizard.

While the 20 moving average is still trending down, which is a negative, the Wizard report he starts to see value opening up in Westpac shares near $21 a piece.

The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).

Technical limitations

If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.

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