Hope this will help:
1228 [Dow Jones] Most major Australian banks threatening major support levels, says Dow Jones technical analyst Dave Rogers. Those major support levels are A$38.00 on CBA (CBA.AU) (61.8% retracement of 2003-2007 rise), A$26.04 on NAB (NAB.AU) (Aug 2004 low), A$20.16/A$20.34 on Westpac (WBC.AU) (31.8% retracement of 1992-2007 rise), A$21.88 on ANZ (ANZ.AU) (38.2% of 1993-2007 rise) and A$21.40 on St George (SGB.AU) (50% of 1994-2007) rise. Next major support levels for banks are A$34.94 on CBA (2002 high), A$23.80 on NAB (2001 low), A$18.34/A$18.42 on Westpac (2003-2004 pivot) and A$19.13 on St George (50% of 1994-2007 rise). S&P/ASX 200 looks headed for 4772.0 (50% of 2003-2007 rise) after sustained break of major support levels around 5400.0, which would be a 6% fall. Banks will probably underperform resources. If index is headed for 4772.0, banks could fall 10%-15% on that basis, so the above-mentioned support levels look about right. CBA last A$38.10, NAB last A$26.39, WBC last A$21.86, ANZ last A$20.31, SGB last A$22.79, index last 5073.5. (DWR)
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