Woodside tumbled -5.3% yesterday underperforming both the market and the underlying energy complex. Investors have been targeting different market sectors for some pretty harsh selling over recent weeks/months and we feel like WDS could be in its sights after reaching fresh multi-year highs last week. The intra-day price action told a tale on Tuesday as WDS found no love during the days fairly active bargain hunting:
- WDS closed -0.3% below its open whereas BHP Group (BHP), Commonwealth Bank (CBA) and Xero (XRO) rallied an average of +3.5% from their early morning lows.
MM is cautious towards WDS around $33
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