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.
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: 52.20
TP: 53.48
SL: 51.13
- ADX<25
- RSI>60
- FFI +ve
- RS -ve. Hence enter with smaller position.
- MA are aligned
- Breakout with good volume from ranging since 14 Dec 2020
Entry: 51.09
Stop loss: 49.84
Took a position in the counter after it broke out of its recent high.
The volume is not very convincing though even if the 3 SMAs are aligned.
Reviewing the top holdings of the A200 by sector
Consumer Discretionary
Wesfarmers Ltd
Can't fault this run, expecting this to continue with possibly dip to regain momentum. I'd like an entry at $47 if there was a suitable dip.
There has to be a retrace on this bull run at some point surely but I'm not a brave enough bear.
Today's analysis – WES – Consolidating below ATH resistance as the 21EMA coils price into its APEX.
Points to consider:
- Strong trend
- Key level (apex)
- Price discovery (blue-sky breakout)
- 21 EMA visual guide
- Oscillators above 50
WES trading in a clean and strong uptrend finding resistance upon retest of its all-time high.
Price is trading at a key...
Wesfarmers Ltd (ASX: WES) is often regarded as one of the best blue chips on the ASX.
Breaking out today and heading higher ahead of earnings.
Technical indicators are bullish.
Good stock to buy and hold.
Share prices are down 2% from the time of reporting and are generally due to profit-taking, big investors driving prices down to reload for the next leg up. Share prices were driven down to around 37.50 support in the first hour of trades before pulling up above 37.90 a Fib retracement price level. Share prices could head back up to 38.60 if it holds above 37.90 support.
Might be an interesting conservative play. My feeling is whenever I walk into a Bunnings, Officeworks and KMart they are always busy...
Might be at a good area TA wise, missing volume confirmation though.
Demand bias is there with 691 buyers for 307,733 units vs 441 sellers for 244,803 units.
Wesfarmers Limited is engaged in various business operations, such as...
