Hi SS, I have attached my view on WBC for info. Have no position, so completely objective mate!
Weekly View just to show some context and SR lines on red pitchfork which seem to work.
Daily close up view - ruled SR lines on the high volume down bar on 16th June which may act as resistence on the way back up. Todays higher volume bar closing in the middle on higher volume, represents some supply coming in from trapped in holders to the left. SM appeared to have gapped it up today to save buying more on the way up. The key for me is the first resistence at $21-40, red pitchfork @ $21-50, then $22-20. We need to see effort in volume taking this higher through these lines. Then perhaps, take out the gap at $23-10. However, it has been in a downtrend for a while and want to see higher lows and higher highs to confirm the uptrend. You need to watch for small volume upthrusts against resistence lines, bars closing in the middle, as if they appear, it may well track back down. My personal view is the banks generally have been oversold due to global issues such as Greece and US debt ceiling etc. As these become less critical over the next few weeks, the banks will track the ASX if it moves higher. Be interested to see DG's view too when he posts. Good luck, cheers
