Trading Analysis for Woolworths on the JSE:
Woolworths (WHL) is set to announce their FY23 results on 30th August 2023, following a significant 35% rally since June 2023. However, Their recent trading update revealed that HEPS (Headline Earnings Per Share) fell below expectations, accompanied by negative concerns around load shedding.
Currently, the price is testing a supply area, raising the possibility of a double top formation. This pattern suggests potential downward movement in the stock.
Short Position:
Target 1 (T1): 71.00
Target 2 (T2): 64.50
Woolworths (WHL) is set to announce their FY23 results on 30th August 2023, following a significant 35% rally since June 2023. However, Their recent trading update revealed that HEPS (Headline Earnings Per Share) fell below expectations, accompanied by negative concerns around load shedding.
Currently, the price is testing a supply area, raising the possibility of a double top formation. This pattern suggests potential downward movement in the stock.
Short Position:
Target 1 (T1): 71.00
Target 2 (T2): 64.50
Trade closed: target reached