Saxo traders are now shorting Westpac

Saxo Capital Markets’ traders of the Australian desk have just opened their third short position on a local share. Following their short trades on Commonwealth Bank and Newcrest’s shares, Saxo traders have now suggested shorting Westpac at market value and with a first target at $A27.48. According to the traders of the Australian desk, it appears as if all of Australia’s major four banks have broken out of a head and shoulder pattern formation in recent weeks. On Monday Westpac broke its neckline which today sits at $A30.90. Saxo traders see this level as a point of resistance, therefore a good level for a short position on the price. To see where to place a stop loss and to know about the next target in case of a further decline visit: (VIEW LINK)