WBC short term long
Updated
I'm no charting expert however this seems glaringly obvious.
Formation of a triangle squeezing price for the next bar or two and there should be some movement, in this case I'm predicting movement upwards.
Keep an eye on volume, if there is more than avg volume it solidifies the upward trend in the short term.
Disclaimer: I entered approx Nov 2022 at AUD 24 and am looking to recoup my cost.
Macro view: I expect RBA to keep interest rates high (maybe one more rise) for the coming 2024-2025, which does not bid well for the banking sector
Formation of a triangle squeezing price for the next bar or two and there should be some movement, in this case I'm predicting movement upwards.
Keep an eye on volume, if there is more than avg volume it solidifies the upward trend in the short term.
Disclaimer: I entered approx Nov 2022 at AUD 24 and am looking to recoup my cost.
Macro view: I expect RBA to keep interest rates high (maybe one more rise) for the coming 2024-2025, which does not bid well for the banking sector
Note
1. Price did move, and it was upwards, but was not volume driven. Volume remained quite consistent2. Probably driven by the overall macro view that has since changed.
- Now there are more calls of a softer (or soft) landing
- Powell has signalled rate cuts over the course of 2024 (RBA usually does a copy cat or something similar)
I still hold those shares bought at $24. I'm seriorusly considering selling because I don't want to bet on earnings season and there seems to be a bit of resistance at $24.
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