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.


Disclaimer

Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
 

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