Woolies destroying short stops, targets all time high sell zoneWoolworths looking to hit all time high prices as it destroys short stops on its way up. Woolies smashes the .618 fib level. Look for buys at the support zone down below.
WOW trade ideas
$WOW:ASX - WOOLWORTHS - Through resistanceWoolworths could be worth a watch as consumer spending on dining out decreases. Not a strong runner, but up 30% year to date.
Woolworths (WOW) is a retailer with primary activities in Supermarkets. WOW's other operations include: BIGW discount department stores; Home Improvement; Petrol through the Woolworths/Caltex alliance; and Hotels.
Demand: 199 buyers for 124,493 units vs 207 sellers for 126,697 units
WOW triangle breakoutTarget price of $39
RBA cuts and debasement of $AUD will make
WOW dividends much more attractive.
Woolworths has 10% upside from here - Bottom of uptrend Channel.High to medium probability that WOW trades back up into middle of uptrend channel and tests recent highs.
$WOW possible push to higher prices (200MA)see chart
breakout of old rising triangle
now struggling with 200ma if it can get out there should be a little run to higher prices
POTENTIAL BUY OPPORTUNITY FOR WOOLWORTHS (WOW:ASX)PRICE IS ABOVE ICHIMOKU CLOUD WITH REASONABLE VOLUME. STOCHASTIC IS IN THE OVERSOLD ZONE. HISTORICALLY, PRICE TENDS TO GO UP TOWARD EX.DIVIDEND DATE (20/8/2018). RECOMMENDING TO BUY NOW AND TARGETING $31.50 LEVEL
WOW breakout Weekly chart has a break higher. Last month had a bullish engulfing candlestick pattern. time to average up
Potential long setup for $WOW here.Waiting to see if it pushes off the 200MA or comes down to test the TL before reversing. Potential long at these levels to push back up and test the recent highs again. Could enter now or wait a bit longer with a stop below the TL.
WOWWF: Woolworths Limited down 42% in the last 12 monthsWoolworths Limited (ASX: WOW) Australia’s largest supermarket
Recent events affect WOW: Jobs cut (1200), lower sale, earnings downgrade and suffering due to a low Australian dollar.
TA Reference: Wyckoff market cycle: static.safehaven.com
This analysis bases on Wyckoff theory to identify stock phases.
Reanalysed & Simplified by MichaelTran (base on what I see)
Comment: WOW is currently in mark-down phase and still in level of bearishness this provides short oportunity. Ultimate low is ahead, will provide a good opportunity to buy and hold when company's financial statements are positive.
Thank you for your reading.
Note: Historical data is limited in this chart, ultimate low level may be different and in this case I dont use (P/E) ratio and (PEG) ratio to determine overvalued stock www.investopedia.com
