Woolworths Ltd (WOW)

Discussion in 'Stocks & Derivatives' started by finicky, Oct 8, 2014.

  1. trew

    trew Active Member Silver Stacker

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    Is that just from WW or from both big chains ?
     
  2. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Complimentary chart with lines below :-

    [​IMG]

    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
     
  3. finicky

    finicky Well-Known Member Silver Stacker

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    One view: Why the Woolworths share price could hit $30 in quick time
    http://www.fool.com.au/2016/08/18/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.

    Hold WOW

    [imgz=http://forums.silverstackers.com/uploads/1893_big_4.gif][​IMG][/imgz]
     
  4. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    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.
     
  5. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Should make for an interesting market reaction when they resume trading on the ASX tommorrow.
     
  6. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Bang! WOW up 7% on market open today.

    Time to take some profit. :D
     
  7. finicky

    finicky Well-Known Member Silver Stacker

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    ^^^
    Nice going.
     

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