Technically Woodside looks great, especially when we throw the interest from Exxon into the mix. However, we are also bearish towards crude oil over the coming weeks/months. Hence, MM is unlikely to buy WDS for now, but into weakness, if it eventuates, the risk/reward will be interesting.
WDS’s close on Friday night, up around 6% was solid but it surrendered around half of its initial gain as investors contemplated how hard it might be for Exxon to get a takeover approved by the FIRB with energy supply a sensitive topic to say the least.
- We can see Woodside trading above US$26 in the coming months.
MM is bullish towards WDS around US$23
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