Woolworths made a positive break in September 2022 by breaching the longer-term downwards sloping resistance line at ZAR61.50.
Since then, the share has reached and breached our target level of R72.20.
The share is currently testing the long-term resistance level at R74.30.
The share needs to hold and consolidate at these levels to trade higher, in our view.
This report provides a technical analysis of Woolworths Holdings Limited.