"Woolies & Mondi" Technical Takes
Woolworths:
Has broken down below 2 key support levels since May and closed below another support level on Friday. If it does not bounce from this level then we can expect more significant downside. Short sell from current price level if it does not bounce, first target is at R57.50.
Mondi Ltd:
Closed within triangle on Friday signalling a failure of upside momentum after the breakouts that we saw on Wednesday & Thursday. It’s mostly a currency play therefore if Rand strengthens relative to major currency pairs then you might be looking to short it.
Wishing you a profitable day of trading.
Musa Makoni | Trading Specialist at GT247.com
Follow @Makoni_Henry
Wishing you a profitable day of trading.
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