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Shares of Westpac Banking Under Pressure, Down 1.7%

Published on Fri, 04/19/2013 - 10:25
By Mallory Stone

One of today's notable stocks in decline is Westpac Banking (NYSE:WBK), down 1.7% to $160.40. The Dow Jones Industrial Average is now trading 0.4% lower to 14,481 and the S&P is trading 0.4% higher to 1,548.

Over the past year, Westpac Banking has traded in a range of $97.25 to $167.71 and is now at $160.40, 65% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.9%.

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.

Based on a current price of $160.40, Westpac Banking is currently 16.5% above its average consensus analyst price target of $133.95. The stock should find initial support at its 50-day moving average (MA) of $157.33 and further support at its 200-day MA of $136.64.

By Mallory Stone
mstone@fnno.com