Woolworths has 10% upside from here - Bottom of uptrend Channel.
High to medium probability that WOW trades back up into middle of uptrend channel and tests recent highs.
Kommentar:
The 2018 high of $31.44 has now broken through, & its likely that this level acts as strong support. Wow at this point I have to say is looking technically strong. Also, its worth mentioning that WOW is up well over 50% since new management took over in 2016, and it looks like management have delivered again with their recent market announcement - business consolidation, particularly around BIG W which has weighed on the stock for decades. With this in mind, and the fact that BIG W could be sold entirely, the next target for WOW as it heads higher is the top of the uptrend channel around $34 -$36.
Kommentar:
Top of uptrend channel target ($34) reached a little quicker than I thought. Shares have fallen sharply since WOW's buyback came to a close. Any news on BIG W will likely be the next catalysts for WOW's share price direction. For the time being I expect weakness to continue as investors reassess their investment thesis. This is the last time I comment on this trade. Good luck all!
Trade geschlossen: Ziel wurde erreicht