Technicals | Sep 22 2014
By Nick Linton-Ffrost
We suspect Woodside Petroleum ((WPL)) is trading within a five wave decline towards 40.50 over the next 3-4 weeks.
Our view is based on the break below the pivot level and the trend line at 42.40 which has confirmed a lower high at 43.80 and created a third wave structure. We suspect a 4th wave is now forming which should be followed by another leg lower to 40.50.
Two to three days trading above the bottom of wave 1 (42.40) negates our view.
Trading tactics
Open shorts using a 42.00 limit placing stops at 42.80 looking for a move to 40.50.
Another trading idea from
Fifth Wave | fwtc.com.au
FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27 years experience.
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