Technical outlook – After giving Woodside Petroleum Limited a daily and weekly technical assessment, the sharp sell-off mid-February, hit a trough in mid-March, which is where the bullish trend was initiated.
Since then, the bulls have consistently kept Woodside Petroleum Limited to a bullish bias, potentially buying on the short-term pullbacks.
From the given technical assessment, the Moving Average Convergence Divergence (MACD) is picking up momentum, and the 3-day Relative Strength Index (RSI) lookback is accelerating.
Therefore, it should strengthen our call to $25.00. Reassess from there.
Company Overview – Woodside Petroleum Limited (WPL) is an Australian oil and gas company involved in hydrocarbon exploration, evaluation, development, production and marketing. WPL also has a portfolio of offshore platforms, oil floating production storage and offloading vessels. WPL also holds operating assets both in Australia and internationally. Former Names: Woodside-Burmah Oil NL, 18/05/1977.