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)
Saxo Capital Markets (Australia) Pty Ltd is a wholly owned subsidiary of Saxo Bank A/S, a global online trading platform specialist. We enable investors the ability to trade FX, CFDs, Stocks, Futures & other derivatives from one account....
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