##{"id":56526,"date":"2010-04-23T16:30:54","date_gmt":"2010-04-23T06:30:54","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/04\/23\/wizard-sees-weakness-for-westpac-share-market\/"},"modified":"2010-04-23T16:30:54","modified_gmt":"2010-04-23T06:30:54","slug":"wizard-sees-weakness-for-westpac-share-market","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/04\/23\/wizard-sees-weakness-for-westpac-share-market\/","title":{"rendered":"Wizard Sees Weakness For Westpac, Share Market"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tThe fact that share prices of major banks in Australia moved beyond consensus price targets this week did not only catch my attention, the TechWizard was watching closely as well.<\/p>\n<p>\n\tLooking at his price chart for Westpac ((WBC)) the Wizard observes the share price is developing a megaphone topping out pattern. This, he explains, is usually considered a very bearish signal. It usually follows that the share price breaks out to the downside in an aggressive manner.<\/p>\n<p>\n\tThe TechWizard thus sees his prediction once again confirmed that equity markets are at the early phase of what will prove to be a more sizeable correction than what we&#039;ve witnessed this week.<\/p>\n<p>\n\tHe reports the technical pattern as described above in combination with Westpac shares moving beyond their consensus price target this week probably serves as a timely warning to share market investors the time for a breather has now arrived.<\/p>\n<p>\n\tThe Wizard reports he at present does not own shares in the company.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/WBC.jpg\" style=\"width: 580px;height: 289px\" \/><\/p>\n<p>\n\t<span class=\"rectext\">The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TechWizard&#8217;s technical analysis of Westpac shares has confirmed his view a pull back for share markets is due.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[90,91],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56526"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=56526"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56526\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=56526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=56526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=56526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}