rethinking woolworths, page-70

Hi all

Interesting from a chart perspective, WOW hit 23.70 back on August 9 and bounced quite strongly from that level up to a high of 27.27 on 17 August and then started to trend down again. This level was once again tested today and WOW bounced up from this point.

Also the volume today was huge at 9.736 million, and if you have a look at similar volumes on WOW chart they have signalled turning points in the stock both upper (usually on white candles) and lower on black candles. Today we saw a black candle but the body of the candle was not as wide as the other examples! IMO I think that there was accumulation here and I feel that the stock should move upwards from here - todays candle was not bullish at all - so this is more of a gut feel than anything else ; P Anyway I put my money where my mouth is and bought today - So we will see what next week brings! I will be watching carefully to see if the 23.70 support is broken and will reassess if this occurs. If there is a move upwards I feel that it will be quite a strong move - similar to the $3.50 per share move between 9 and 16th August!

Heres hoping! ; P

PB