Woodside under short term pressure

by Michael Gable

Woodside Petroleum is starting to peak here in the short term having had a great rally up in early July. Last week’s high happened to be at a fairly obvious trend line, but that is not what is looking negative in my opinion. What we have seen form at the end of this recent uptrend is a bearish engulfing pattern (circled). That by itself is a reversal signal. To make matters worse, after forming that pattern, WPL struggled to go much higher than the midpoint of that red candle, before being sold off again yesterday. As a result, I would expect to see WPL under some pressure here with price action down towards $35.50 - $36.


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