Woolworths Limited (ASX:WOW) produced an excellent half yearly report last week. Price action retested the breakout zone after the announcement and held which is very bullish. A measured move on the tri-break suggests a move to around the $38.80 area is highly probable over the next few weeks. However, I do wonder if it gets that close will it become middle aged and hit the Big 4 0 ???.
11 March Midday
Sold 1/3rd trading position at $36.55. In my view, the chart was primed to push higher however it seems the SPC Ardmona deal stopped it in its tracks in the short term. See what tomorrow brings.
23 April 2014
Woolworths share price got to $38.78 today. Just 2 cents from our measured move target of $38.80 called seven weeks ago.
This article is published by Dean Mico.
Disclosure: The Edge Fund owns shares and has also added a short term trading position in Woolworths Limited yesterday at $36 even.
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