WOODSIDE PETROLEUM LTD

ASX

WPL

Looking to breakout from a long term wedge. Confirmation of trade via: 1) Weekly close above resistance or below support 2) Substantial increase in volume

WPL is very volatile so entries are key to this market. aggressive entry at the .618 and long term support entry at the 1.618. Overall I am short on WPL.

large cap oil name , bullish momentum, volume accumulation and RSI trend.

Positives: 1. Previous RSI divergence happened 2. MACD positive 3. Uptrend seems to be started Key decisions: 1. If price goes down, there is a large support zone @ 34.74, so put my SL right behind it 2. If price goes up, the next resistance zone is @ 36.80

I bought some WPL since it has broken 2 trend lines... and made a new closing high after trend line breakout. Chart shows my stop loss and take profit areas. Lets see how this trade goes. OIL made $75 today ...

Woodside shares have been in a bull run since march this year as the global economy continues to strengthen. It also marked a period where investors have felt more confident about Australian economy and US. With global demand for oil improving we have seen the price increase with little resistance as trade war fears have been brushed off. This is not to say that...

1.Share prices are currently trading at around October 2017 lows at 28.56 also below its 200 moving average 2. It's long-term moving average 200 is still above 500 so I think prices will consolidate at this point before progressing to the upside 3. There is a price gap to fill around 30.69 so a break above 29.68 resistance could see prices head that way to fill...

With OPEC looking likely to raise the official oil price as oil fracking in the U.S starts to slow & the Saudis cutting oil prices, a surge in the price of most oil & petroleum companies is almost guaranteed. But the question is "how soon?". Looking at the current price of WPL and past chart patterns show that the price surge could be very, very soon.