Constructive engulfing candle over prior 6 days closes on Woolies today. Old resistance R64.60 acting as support. Still enclosed in a channel which needs a break to the upside. 61.8 fib from May to Aug swing low and high has also held. A break out this channel and a close above the 200dma at approx R68.50 will really give the bulls something to really get excited...
More educational than anything...
Many people would've taken this breakout earlier in the day which ultimately came back down and didn't close above resistance. When swing trading breakouts I like to enter towards the end of the day which gives me a better understanding of how the market is acting and what the volume looks like.
Also as with most JSE shares that...
I will be looking to buy.
Crucial for price to stay above purple box in coming days, for order to remain valid.
I can't be wrong on all 3 cloth trades...
Woolies seems to be holding well here, hopefully we can see it take a step higher.
Disclaimer: The views provided herein do not constitute financial advice.
Please feel free to comment, critique or add to my view, I welcome feedback, whether it agrees with my views or not.
This idea is based on my strategy, please consider your own before using it in any way....
JSE:WHL is in an upward channel but resistance from channel brought it down nicely.
Hoping to reach bottom of the channel, hopefully might even break lower due to negative market factors.
