Our ALGO engine triggered a sell signal in WPL into the ASX close yesterday at $32.20.
This corresponds to the ALGO buy signal triggered on February 20th at $29.10. Investors who followed this trade would have gained over 10% on the trade.
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As noted in previous postings, the WPL share price is closely correlated to the price of WTI crude oil, which has been trading near 4-year highs over $68.00 per barrel.
Recent increases in crude oil supplies have been offset by political tensions in the Middle East, which have kept oil prices buoyant.
We believe that WPL shares are overbought and susceptible to trading lower along with spot crude oil prices. As such, we suggest exiting long WPL positions near the $32.35 level.
Woodside Petroleum
