Strong Upside For Westpac

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

By Michael Gable 

At time of writing, the market hasn’t opened, but the SPI futures are up over 90pts due to an agreement being reached between Greece and the EU. We can go into the detail and find reasons to be pessimistic about it “kicking the can down the road”, but as we’ve touched on for the last couple of weeks, the markets have a key piece of uncertainty out of the way and will want to rally. We have to pay attention to price action, not a bearish guy on the TV, and markets have seen enough to get back on with it. There is no point standing on the beach trying to hold back the tide. The dust has settled and we have woken up around 5500, when we were pushing towards 6000 only a few months ago. If you haven’t done so yet, then it’s time to look for the bargains. The market is waving us through now.

Today we look at Westpac ((WBC)).

 

 

We wrote last week about ANZ forming an inverse head and shoulders pattern. The same thing is happening with WBC. The neckline at $34 needs to be breached first but when that occurs, a swift rally to at least $37 should ensure. We have also circled earlier in the year when WBC previously formed an inverse head and shoulders.
 

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Michael Gable is managing Director of  Fairmont Equities (www.fairmontequities.com)

Michael assists investors to achieve their goals by providing advice ranging from short term trading to longer term portfolio management, deals in all ASX listed securities and specialises in covered call writing to help long term investors protect their share portfolios and generate additional income.

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney) 
• Bachelor of Commerce (University of Sydney) 
• Diploma of Mortgage Lending (Finsia) 
• Diploma of Financial Services [Financial Planning] (Finsia) 
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities Pty Ltd is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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