WDS rallied +3.1% on Monday, but it remains significantly below its recent highs as it follows any dips in crude oil with more gusto than advances. WDS is reasonably priced and set to yield strongly into 2024; hence, while MM are more likely to sell strength as opposed to buying weakness, we are likely to remain relatively pedantic with our exit level, but this is clearly an evolving situation given the prevailing global macro events.
- We are looking to sell WDS into strength – MM holds WDS in its Flagship Growth Portfolio.
MM remains long and cautious toward WDS
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