Trade Woolworths with Unum Capital.
To get started, email lester@unum.co.za
Strong rebound off it's first swing low, adding over +400c by the close. A great opportunity for short term traders. Scroll down to see my previous post highlighting the level.
For the past two days I have noticed a consistent print of 130 shares on the tape (from the open i.e. early in the session). Are these signs of institutional accumulation? (scroll down for screenshots)
Previous Post (Tuesday 21 January): Woolworths: Candle Structure Mixed, But This Pattern Sparks My (Early) Interest
Technical Pattern: Falling Wedge (Bullish/Positive)
Trend: Downward
Candle Structure: Mixed (attempting to stabilize in the short term).
Required: Improved candle structure (i.e. possibly an igniting bar that would alert traders to 'take note').
Previous Post (09 January): Woolworths: Price & Trend Analysis
Overview: When we look at the short-term price action over the last 7 days, we see a clear weakness. This is confirmed by the 14-day trend, which shows aggressive selling. Essentially, the price has been steadily declining over the past two weeks.
Medium Term Outlook: The medium-term picture is still bearish, but with a caveat. We're seeing persistent weakness, but there's a glimmer of hope. If the price can reclaim the prior session's lows, it could signal a potential bullish reversal. However, we need to monitor this closely on lower time frames to confirm any such move.
Long-Term Perspective: The long-term trend is also bearish. We need to wait for the price to stabilize on the lower time frames before we can reassess. Until then, the outlook remains cautious.
WHL is facing headwinds across all time frames. What should investors be watching for? Investors should keep a close eye on the price action on lower time frames. If we see a sustained break above the prior session's lows, it could signal a potential shift in the trend. However, until then, caution is warranted.
Lester Davids
Analyst: Unum Capital
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