As discussed previously, MM believes oil will be supported around $US60, but a washout on the downside in the commodity and related names wouldn’t surprise.
- We believe the risk/reward towards WDS from the $18 level is attractive for at least a 15-20% bounce.
Trade Idea: Buy Woodside (WDS) at $18, with a stop loss at $16.80 – a 6% risk.
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