Our ALGO engine triggered a buy signal for WPL into yesterday’s ASX close at $34.30.
This “higher low” structure is referenced to the intraday low of $31.90 posted on June 5th.
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The crude oil market has been extremely volatile over the last few weeks as prices rallied when Saudi Arabia threatened to cut production, only to fall sharply after the Kingdom back flipped and pledged to increase production to 10.7 million barrels per day.
We aren’t bullish crude oil, but now that WPL shares have dropped over 15% in two weeks, we see scope for near-term consolidation.
We will update WPL in a future post with more specific entry levels.
Woodside Petroleum
