After a good start, WOOLWORTHS HOLDINGS (WHL) nearly reached first target but sharply retraced back to the neckline and continued to go sideways for a couple of days before moving higher. Finally reached Target 1 for a win on 22/08/2017. See above chart.
The day after WOOLWORTHS HOLDINGS (WHL) reached target 1 there was a selloff in anticipation of the results coming out the following day on 24/8/2017. The results came out and price retraced to 6241c and then gained back into positive territory and nearly reaching target 1’s price level at 6671c again. Price closed just above the neckline so this is going to be an interesting day of trading if you are still in WOOLWORTHS HOLDINGS (WHL). View chart below:
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Chart Sources - Bloomberg
Read more notes by Barry HERE.
Barry Dumas | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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