Woodside Energy: Head And Shoulders

Technicals | Jan 31 2024

The Chartist reports a small head-and-shoulders pattern should keep momentum positive in the short term for Woodside Energy shares.


Daily Trend: Up
Weekly Trend: Down
Monthly Trend: Down
Support Levels: $28.50 / $19.15 / $16.80
Resistance Levels: $39.58-$43.74

Calendar Events:
Report Date: February 26 2024 (estimated)  Ex-Div Date: T.B.A


Reasons to be cautiously optimistic:
→ There is still speculation regarding a merger with Santos.
→ The merger could create a scale that could compete with majors. It could also improve free cash flow.
→ 4Q production benefited from completed North West Shelf & Shenzi maintenance in the 3Q.
→ A bullish reversal pattern has triggered.

We’ve been concentrating on the weekly chart of Woodside Energy ((WDS)) but this evening I am going to move down to the daily. Before we do, we need to refresh our memories of what’s been happening on the prior.

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