Shares of WPL reached a high of $29.25 in early trade as West Texas Intermediate (WTI) crude oil posted its largest single session gain in over three weeks.
The front month WTI contract rose $1.30, or 2.2%, following a report that crude stocks have dropped by 600,000 barrels at the US storage hub in Cushing, Oklahoma.
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WPL is part of our ASX Top 20 Model Portfolio and our ALGO engine triggered a buy signal on February 20th at $29.10.
The stock has been a tepid performer over the last few weeks after announcing a rights issue and going ex-dividend.
However, the technical picture is improving and a break back above the $29.66 level will likely extend into the gap from $30.90 from mid-February.
Woodside Petroleum
