Woolworth.ASX

5 October 2021


Woolworths (WOW:ASX)

Technical Analysis: WOW experienced a sharp fall to reflect the demerger of its business with new shares issues under a separate listed company – Endeavour (which is currently trading at $6.92 a share). Since then, WOW has gained strong momentum, with a strong surge in August, which was overbought pulling back from the resistance level of $42.00 twice. The rally was then almost reversed over September which shows key support at $38.80. WOW then looked temporarily over sold and has recovered back to above $39.00 a share. We see the stock attractively priced with a medium-term view, with less downside risk at these levels.

WOW experienced a sharp fall to reflect the demerger of its business with new shares issues under a separate listed company – Endeavour (which is currently trading at $6.92 a share). Since then, WOW has gained strong momentum, with a strong surge in Augus

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