Yesterday’s investor briefing failed to inspire any fresh buying in WPL as both the technical and fundamental indicators continue to deteriorate.
Analyst’s notes from the meeting highlighted the likelihood of cost over runs with the Scarborough project, as well as the prospect for lower crude oil prices.
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Our ALGO engine triggered an initial sell signal at $34.00 on May 10th and again near $34.50 on May 18th.
We see the first area of support near the gap high at $33.10 and more significant support near the $31.50 area.
Shorting WPL has been a popular trade on our SAXO Go CFD platform.
For more information about trading opportunities with CFDs, call our office for an overview.
Woodside Petroleum
