Woolworths Holdings (WHL) | The share is signaling a willingness to make further advances and breach the recent sideways consolidation zone. The pivot (P) has held as support while the price has closed above the short term downward trend line in place since 4 June, triggering a type of bull flag formation. The price trades above the near term 8/20-EMA's both of which are starting to rise, while the last close is just below 'resistance level 1 (R1)'. Should we break above 'R1', a first target of 3673c would open up which is where 'R2' is currently situated. Traders should bear in mind that we may open weaker for Monday's trading session however we would like to see 3375-3385c hold as a support zone for the short term outlook to remain bullish. The MACD is in a bullish regime while the RSI is making a healthy 58 print. Also attached is WHL vs it's peer group, the General Retailers Index (J537) as well as WHL vs the All Share Index (J203).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.