TARGET on Woolies hit at R64.00 next target R70.93 - SMC
Updated
M Formation formed on Woolies.
Broke below the trendline and the signs were all bearish.
21>7
Price >200
Target R64.00 which it hit.
But now it looks like there is upside to come due to SMC.
SMC (Smart Money Concepts)
First we look for LOL (Levels Of Liquidity).
This is where there is strong volume of buying or selling from the big boys.
We can see three LOLs.
1. 200MA -which the price is now above and could stay above
2. Previous support level
3. Hammer to the upside and Change of Character (reversal to uptrend)
New target with SMC is R70.93
The probability of the trade idea is low because we are fighting the greater trend that is down, but it's worth looking at with SMC.
Broke below the trendline and the signs were all bearish.
21>7
Price >200
Target R64.00 which it hit.
But now it looks like there is upside to come due to SMC.
SMC (Smart Money Concepts)
First we look for LOL (Levels Of Liquidity).
This is where there is strong volume of buying or selling from the big boys.
We can see three LOLs.
1. 200MA -which the price is now above and could stay above
2. Previous support level
3. Hammer to the upside and Change of Character (reversal to uptrend)
New target with SMC is R70.93
The probability of the trade idea is low because we are fighting the greater trend that is down, but it's worth looking at with SMC.
Trade closed: target reached
Since Woolies hit the target at R64.00, it reached a strong support and has been moving sideways since. Now it looks like the stock wants to rally, but the JSE is holding it down.
✅ Facebook:
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𝕏 (Formerly Twitter):
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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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