WBC Holders,
Lets hope this is the beginning of a sustained run up.
Chart 1 below:
Looks at WBC trading from around Feb 20 - Just before Pandemic crash.
The blue vertical lines are patterns when WBC moves up. History has a habit of repeating itself. Hence if history were to repeat itself, this run would get us to around the 23.50ish range
Chart 2 below
Close up chart - past 6 months
The fib levels suggest that the 38.2 % level is at 22.50. The 50% level is at 23.25.Most indicators are turning up - very positive
Broker Coverage - from FNArena - worth the subscriptionUBS started coverage at $25, Citi was always at $27, Macquarie is a bit downbeat around $23. - The others are yet to update their data
ShortsAs of 28th January 1.13% of all shares were short - implying 41 million odd shares are short. The shorts covered some amounts today, and my gut feel there will be a few days that they will cover their positions.
Based on the above, in my opinion, the market will re rate westpac to around the 23-23.50 mark. Hope for the best
(20min delay)