Woolworths ((WOW)) appears to have broken the 2 month trend line line around 35.50 which implies a move towards 33.00 over the next week or two.<\/p>\n
The confirmed break below our pivot level 35.20 is enough to trigger a sell based on our assumption that the move lower from 36.50 is a 3rd wave which should be followed by trading between 34.50 and 35.10 before a 5th leg lower to 33.00.<\/p>\n
Our view is negated after 2-3 days trading above 35.70.<\/p>\n
Trading tactics<\/strong><\/p>\n Open shorts using a 35.00 limit placing stops at 35.75 and looking for a move to 33.00. Otherwise wait for a lower high to form below 35.50 before opening shorts and placing stops above that lower high. \nAnother trading idea from<\/strong><\/p>\n Fifth Wave |<\/strong> fwtc.com.au<\/strong><\/a> <\/p>\n FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience<\/strong>.<\/strong><\/p>\n AFSL 319830 |<\/strong> Disclaimer<\/strong><\/a><\/p>\n Reprinted with permission of the publisher.<\/em> Content included in this article is not by association the view of FNArena (see our disclaimer<\/a>).<\/em><\/p>\n Technical limitations <\/strong><\/em><\/p>\n If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.<\/strong><\/em><\/p>\n
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