Sorry Sarala and top pick, missed your posts until tonight.
Top pick the driver of the rally in financials is reweighting away from resources, I think this will go on for a few months.
Sarala, these bank stocks were way oversold and the dip below the $18.75 was the exhaustion move. You have to close leveraged longs when the support goes because the bottom can be 50% away overnight, but taking shorts is equally as dangerous in this situation as the counterattack by longs can add 40% in a couple of days.
Look for earlier formations such as double tops, rounded tops (CSL atm) and Head and shoulders as earlier, safer reversal signals for short positions.
WBC target is $22. If it can get a close over that its worth holding whilstever it can maintain the $22 level. More likely is a retreat from $22 back to $19 for retest of the failed support level.
Sorry Sarala and top pick, missed your posts until tonight. Top...
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Last
$27.63 |
Change
0.110(0.40%) |
Mkt cap ! $95.77B | |||
| Open | High | Low | Value | Volume |
| $27.85 | $27.97 | $27.54 | $131.1M | 4.728M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 17069 | $27.62 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $27.63 | 500 | 1 |
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| Last trade - 16.10pm 11/07/2024 (20 minute delay) ? |
| WBC (ASX) Chart |