GT247.com Trading Blog

Woolworths [JSE:WHL] - Technical Take Update

Written by Barry Dumas | 25 Aug 2017

Update on Woolies Trade

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
 

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