Woolworths Holdings Ltd
The price of Woolworths has experienced its first pullback after reaching a new all-time high. The current pullback is the first significant retracement after the most recent break of the upper Bollinger Band.
The Bollinger breakouts, preceded by low volatility, show a strong directional commitment and the first pullbacks thereafter (to the middle Bollinger line or 20MA) often provide a second opportunity for entry in line with the original breakout.
The red arrow highlights an intraday bullish candlestick reversal at horizontal support and the 20MA (red line). A move to retest the recent high at 9520 is favoured, while the price closing below trend-line support at 8600 would consider the failure of the bullish indications.