WPL has been in a general long-term downtrend for 12 years but (perhaps because its price has been struggling for so long) it has made a resistance break pattern with a target of $31 – a 24% gain of yesterday’s close. Not surprisingly, several oil and gas stocks show an almost identical pattern (BPT and STO for example). A chart of the energy sector also shows the potential for a break higher and with rumblings about cuts to oil production in the news these stocks could all move up. But, remember their fortunes are all dependent on oil/gas prices. Since the March low price has broken above a downtrend, made a new uptrend (but a valid trendline can’t be drawn yet) and recently made a higher low followed by a higher peak. Several technical buy signals here.

WPL 8Jan21

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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