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 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][/imgz]
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.
