01/18/00 Westpac Banking (WBK)
Points to watch: Westpac
has spent the past 2 months trading in a narrow range between 33-35.
The stock closed at the upper end of its trading range on Friday at 34.88,
a level that acted as resistance on November 11th and 23rd, and again on
December 22nd.
Technical
indicators have turned positive. Daily MACD crossed above 0 on
Friday giving a buy signal. Daily RSI turned up on January 12th, and
both daily and weekly OBV and stochastics are rising.
Additional
strong resistance exists at 35.4 on the weekly chart. A buy signal
would be given on a break above 35.4, with the next upside resistance
after a break at 37-37.1, 38.5, and 39.4. Support is at 33.
