Woodside Petroleum Limited (ASX:WPL) HEFFX Highlights

Woodside Petroleum Limited (ASX:WPL) HEFFX Highlights

Woodside Petroleum Limited (ASX:WPL) HEFFX Highlights

  • WOODSIDE Petroleum has flagged a possible delay in the development of a deepwater oilfield off the coast of west ­African nation Senegal.
  • The oil and gas heavyweight says Far Limited, its partner in the promising SNE field, has refused to support a proposal for Woodside to eventually take over as ­operator.
  • Woodside Petroleum and a US partner have made a non-binding deal to involve South Korea’s Kogas in a proposed 10 million tonne a year LNG project in Texas.
  • The Australian oil and gas producer and Sempra Energy signed a memorandum of understanding with Kogas regarding development of the Port Arthur liquefaction project.
  • Woodside and Sempra said the MOU provided a framework for cooperation and joint discussion by the parties regarding key aspects of Port Arthur.

Woodside Petroleum Ltd (Woodside) is an oil and gas company. The Company is engaged in hydrocarbon exploration, evaluation, development, production and marketing. It operates in three segments: Producing comprising North West Shelf (NWS) Project, Pluto Liquefied Natural Gas (LNG) and Australia Oil; Development comprising Browse floating liquefied natural gas (FLNG) and Wheatstone LNG, and Other. Its Other segment comprises trading and shipping activities and activities undertaken in the United States, Canada, Senegal, Myanmar and other international locations. Its North West Shelf Project is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas, pipeline natural gas, condensate, liquefied petroleum gas and crude oil from the North West Shelf ventures. Its Pluto LNG project is engaged in exploration, evaluation, development, production and sale of liquefied natural gas and condensate in assigned permit areas.

Overall, the bias in prices is: Downwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 31.00.

The projected upper bound is: 31.12.

The projected lower bound is: 28.97.

The projected closing price is: 30.04.

WOODSIDE FPO closed down -0.150 at 30.090. Volume was 45% below average (neutral) and Bollinger Bands were 13% wider than normal.

Open         High          Low           Close        Volume
30.200      30.370      30.020     30.090     1,333,727

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period        50-period      200-period
Close:                       29.80              31.51               30.87
Volatility:                21                     22                   25
Volume:                  2,460,948      2,490,501      2,401,841

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

WOODSIDE FPO is currently 2.5% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of WPL.AX at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on WPL.AX and have had this outlook for the last 26 periods.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 61.8903. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 43.62. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 5 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 51. This is not a topping or bottoming area. The last signal was a buy 7 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 4 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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