clear down channel. Dividends paying shortly too which will contribute to decrease.
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A closing above 47.75 will give a breakout above inverse head and shoulder neckline, which opens up pattern targets of 54. Keep a stop loss below 45.80 on daily closing basis.
simple comparison of ASX:WES (Wesfarmers) against major indices.
Stepping back to look at a long term chart of the ASX200, S&P500 and ASX.WES (Wesfarmers) over 30 years. It's very telling seeing the higher % gains in the US indice over the ASX indice. More telling is seeing ASX.WES outperform the indices due to significant reform and expansion of the company via acquisitions and growth.
Trying to self teach Elliot pattern using Fibonacci l. Any help, criticism and tips are appreciated thank you.
WES has buyers lurking in the shadows, each one a little higher. However we haven’t really seen any push through supply so far. Possibly this entry is a week or two too early, like everything else. buy at 59.25 s/l 58.10 No significant highs to impede, except 61.30. Let’s see what January holds.
Text me if you have any questions/comments for me. ----- WES - Previous analysis was done on 1 Sep (red arrow) -> suggested waiting for a series of HHs and HLs - Since then, the stock tested the $54 support and has successfully broken through the short- and mid-term resistances - HHs and HLs are starting to form, and this is good - The stock is testing the $60...
Verdict: Long Reasons: Trendline + Support line + Candlestick pattern + RSI oversold Alternatively we are headed down to next level.
WES - Previous analysis was done on 30 Aug -> suggested to wait for price recovery above the short-term resistance before any entry - I also mentioned that any further drop in price will constitute a Structure Break - Stock is currently trading at the 58 support levels - Traders should execute their Stops once certain pre-determined prices are...
WES - Previous analysis was done last week -> suggested to wait for price recovery to 66 levels before any entry - Price did not recover but instead continues to drop and break the mid-term support - Any further drop in price will constitute a Structure Break - Strategy-to-buy (DYOR) – Suggest waiting for price to recover above the short-term resistance
WES has had a nice steady run this year but has had a pretty good pullback to a support area on earnings. Be worth keeping an eye on for a bounce from here.
Entry: 56.50 Stop loss: 55.19 Went long after it broke out of its previous high after some consolidation with good volume. 3 SMAs are trending orderly.
ENTRY: 15.48 SL: 54.90 TP1: 57.63 TP2: 59.30 - ADX<20 - RSI>50, RSI<70 - Daily RS -ve - Daily FFI +ve - Daily MACD +ve - Weekly RS +ve - Weekly FFI +ve - Weekly MACD -ve - Breakout with high volume above previous high and HVN, but prefer a better closing
Hi all, Find your entry. Enjoy!
Key Technicals - Cup & Handle Pattern, buying on breakout of cup (above average volume) or retest of cup line as resistance becomes support. Key Fundamentals - Strong management along with one of the strongest balance sheets(ASX TOP 50) according to AFR.
Using Gann's theory, watch for 30, 60 and 90 days cycle. You can see from my dates noted on the turns, Wesfarmers has been turning on 19th of every month as shown in the chart. Also another to support this turning point, from the March 19 low to the top on April 19, it's 31 calendar days, and another 30 days down to 50% retracement - May 19. Should be...
Entry: 52.21 Stop loss: 51.18 Stock broke out of its recent high supported by a good volume today.