$JSEWHL - Woolworths: Potential Double Top Alert
Woolworths stock had a good run from March 2020 to Feb 2023, peaking at 8047cps.
What followed was a strong correction to 5824 and a rally just above the previous peak to make a slight new high at 8113.
This "twin peak" could potentially be a double top formation with a neckline at 5824 or a flat correction.
With the stock trading in the middle of support (5824) and resistance (8100) I will maintain a neutral stance and look for buy opportunities around 5824.
Implications:
Double Top - break below 5824 confirms the pattern with a target price of 3535.
Flat pattern - price can turn around below 5824 and rally up.
What followed was a strong correction to 5824 and a rally just above the previous peak to make a slight new high at 8113.
This "twin peak" could potentially be a double top formation with a neckline at 5824 or a flat correction.
With the stock trading in the middle of support (5824) and resistance (8100) I will maintain a neutral stance and look for buy opportunities around 5824.
Implications:
Double Top - break below 5824 confirms the pattern with a target price of 3535.
Flat pattern - price can turn around below 5824 and rally up.
