Discussion in 'Stocks & Derivatives' started by finicky, Oct 8, 2014.
Is that just from WW or from both big chains ?
Complimentary chart with lines below :-
Note the 2 year downtrend, solid falling wedge pattern (bullish) with 3 tests of the resistance line and 4 tests of the support.
Baseline Support price level is in the vicinity of 20.30 - 20.70 a range that has been tested 5 times so far in 2016.
Breakout has occurred with volume IMHO due to fundamentals (restructure) overcoming the downtrend.
From a technical analysis perspective you rarely see a clearer buy signal than this.
As usual though - DYOR
One view: Why the Woolworths share price could hit $30 in quick time
Views on share price chart:
As mentioned, best fit downtrend resistance has been broken.
Monthly chart is now showing indecision following a July bullish engulfing candle made with strong volume.
The $23 - 24 level is difficult, maybe because this is a former support level, and WOW buyers are meeting willing sellers.
Good chance major low has been made, but not really confident.
WOW is in a trading halt today pending an announcement about Home Timber & Hardware most likely.
Annual report also due tomorrow (I think) so it could be a very interesting week for WOW. If we get a decent SP response it should confirm the previous downtrend is dead.
Should make for an interesting market reaction when they resume trading on the ASX tommorrow.
Bang! WOW up 7% on market open today.
Time to take some profit.
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