Woolworths: Time for Bears to Charge
Woolies has been in a strong uptrend but recently has come against the following factors:
1. Time - it has been 26 weeks since it began an uptrend, quite long basing on history.
2. It has a building negative divergence on RSI14 (not shown here).
3. It is forming a swing high on daily & weekly time frame.
4. As price rose, volume decreased indicating there might be some stop losses triggered that pushed price up.
A weekly swing high confirmation is a good place to enter short while more risk accepting can do so on a daily time frame. After a pullback around 8-10% price can attempt another shot at higher price but major trend will be down.
1. Time - it has been 26 weeks since it began an uptrend, quite long basing on history.
2. It has a building negative divergence on RSI14 (not shown here).
3. It is forming a swing high on daily & weekly time frame.
4. As price rose, volume decreased indicating there might be some stop losses triggered that pushed price up.
A weekly swing high confirmation is a good place to enter short while more risk accepting can do so on a daily time frame. After a pullback around 8-10% price can attempt another shot at higher price but major trend will be down.
Trading ditutup: target tercapai:
WHL has met the objectives, price now looking primed for a trend change, see updated idea on roadmap from here onwards.