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Buyers Accumulate Shares of Westpac Banking, Up 1.6%

Published on Thu, 02/28/2013 - 11:32
By Adrienne Chilton

Up 1.6% to $157.40, Westpac Banking (NYSE:WBK), is one of today's notable movers. The Dow Jones Industrial Average is now trading fractionally lower to 14,055 and the S&P is trading fractionally lower to 1,515.

Westpac Banking Corporation offers general and savings banking, including lending, deposit taking and payment services. Westpac also provides investment portfolio management and advice, unit trust and superannuation fund management, nominee and custodian facilities, insurance services, consumer finance, leasing, general finance, foreign exchange dealing and money market services.

In the past 52 weeks, shares of Westpac Banking have traded between a low of $97.25 and a high of $157.62 and are now at $157.40, which is 62% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.8%.

Westpac Banking (NYSE:WBK) is currently priced 14.9% above its average consensus analyst price target of $133.95. The stock should find initial support at its 50-day moving average (MA) of $143.11 and further support at its 200-day MA of $126.69.

By Adrienne Chilton
achilton@fnno.com