Woodside Energy Group Ltd (WDS) Technical Analysis

Price Action Analysis

Overview: The current price action for WDS sits in a loose, lower-volatility range with a bearish tilt on a broad, longer-term view but potential near-term support and oversold conditions suggesting a possible bounce. The attached daily and weekly perspectives complement this view: the daily is oscillating around a consolidating zone below prior highs, while the weekly shows a longer downtrend from recent higher levels.

Daily (3-month view)

Trend context: The short-term trend is choppy with a drift lower from the mid-16s toward the low-to-mid 15s, and now testing the lower end of the recent range. The price is below the major moving averages, indicating near-term weakness.
Key levels:
- Support around the mid-to-high teens has been tested several times; recent intraday lows approached the high-14s, with closes around the ~14.9 area.
- Resistance sits roughly in the high 16s to around 17+. Attempts to push above 17 have been met with selling pressure.
Candlestick structure: The latest candles show small real bodies with occasional wicks, consistent with indecision near a support zone. No persistent, forceful upside breakouts have occurred in the last several sessions.
Volume behavior: Volume tends to spike on some down moves and on select up moves, but there isn’t a clear, sustained accumulation signal behind the recent price actions. The lack of sustained volume on rallies points to limited buying conviction at higher levels.

Weekly (2-year view)

Trend context: The longer-term trend remains down, with lower highs and lower lows over a multi-quarter horizon. The price is currently in the lower-middle portion of the historical range and has shown limited ability to sustain rallies above the mid- to upper-16s.
Chart structure: Recent weekly candles show continuation of the down-phase bias, with occasional short-lived counter-trend bounces. The formation is not showing a clean reversal pattern yet.
Volume behavior: Weekly volume patterns are less explosive, with occasional spikes that tend to accompany down moves rather than decisive up moves, reinforcing a cautious, distribution-like environment in the longer timeframe.

Overall price action takeaway: The chart structure supports a near-term risk-off bias, with a critical guardrail around the 14.6–14.8 zone (recent intraday lows) and a significant resistance area near 17.0–17.2. A sustained move above the 17.0–17.2 zone would be a meaningful confirmation of a potential shift, while a break below the 14.6 area could open additional downside.

Technical Indicators

Key readings (derived from the latest data):

Price: ~$14.90
Moving Averages (1d, max period)
- MA50: ~$16.10
- MA200: ~$15.40
RSI (14): ~24.1
MACD (12, 26, 9): MACD ~ -0.30, Signal ~ -0.10, Histogram ~ -0.20

Compact Indicator Summary

Indicator	Latest Reading	Interpretation	Implication
MA50 (50-day)	~16.10	Price is well below MA50	Bearish short- to mid-term momentum; requires a sustained move above MA50 to shift the near-term bias
MA200 (200-day)	~15.40	Price remains below MA200	Longer-term bearish backdrop intact; any bullish tilt needs a clear break above this level
RSI (14)	~24.1	Extremely oversold territory	Potential near-term bounce risk; upside risk if price finds support and volume increases
MACD	-0.30	Negative momentum, widening the gap vs. signal	Bearish momentum; potential reversal signal if MACD crosses above the Signal line with a rally in price
Price	14.90	Traded below both MAs	Confirms a bearish tilt; focus on a reversal to above MA levels for momentum shift

Notes:

The RSI being firmly in oversold territory guards against complacent downside, suggesting a potential short-term reversal if buyers step in with accompanying volume.
MACD remains negative; a bullish cross or sustained improvement in price relative to MA levels would strengthen a shift in tone.

Volume & Momentum Analysis

Volume patterns: Daily volume shows sporadic spikes on both up and down days, with no consistent, sustained accumulation during rallies. This aligns with a cautious, distribution-like environment rather than a buying climax.
Momentum interpretation:
- Short-term momentum is negative given price below MA50/MA200 and a negative MACD signal.
- Oversold RSI hints at potential near-term relief rally if price finds support around 14.8–15.0 and volume can confirm demand.
Key takeaway: The current setup favors watching for a volume-backed reversal near the identified support zone (below 15.0). Until a clear bullish follow-through materializes (e.g., a move above 16.0 with confirming volume, and ideally above MA50), the bias remains modestly bearish on a close-to-close basis.

Key Buy Levels

Current price: around $14.90. The following levels are identified as near-term potential buy zones, with status and distance from the present price provided.

Zone 1: 14.60–14.80 (near-term support)
- Has it been touched? Yes, intraday touches have occurred (low around 14.60–14.80 in recent sessions).
- Distance from current price:
  - Target entry at 14.80: 0.10 below current price or about -0.67% (i.e., price would need to pull back slightly to trigger an entry; current price is already near this zone).
- Rationale: This zone aligns with recent intraday lows and near-term support, potentially offering a low-risk entry if price holds and volume supports a reversal.
Zone 2: 15.00–15.20 (psychological/technical pivot)
- Has it been touched? The exact close near 14.90 indicates this zone has not yet been closed through, but the zone is just above current price and remains an active line of interest.
- Distance from current price:
  - To 15.00: 0.10 above current price (about +0.67% to reach 15.00)
  - To 15.20: 0.30 above current price (about +2.01% to reach 15.20)
- Rationale: A move into this zone would bring price above the short-term trough and begin to test the down-leaning sentiment. A close above 15.20 with rising volume would be a constructive setup.
Additional reference (not a recommended immediate entry, but a potential breakout level): 16.50–16.80
- This region corresponds to the confluence of recent price action and the MA50 vicinity.
- Has it been touched? Not recently as a sustained close, but it is a natural upside target for a bullish reversal. Distance from current price to 16.50 is about +1.60 (roughly +10.7%).

Trendlines (drawn and visible on chart):

Support line at 14.60 (extends forward). This line reflects recent intraday lows and acts as a near-term floor if price revisits the zone.
Resistance line at 17.00 (extends forward). This line reflects a strong historical ceiling in the recent up-moves and is a key level to clear for confirming a bullish re-acceleration.
Moving-average proxy line at 16.10 (approx MA50 region). Price would need to reclaim and stay above this level for a meaningful bullish shift.

Notes on levels:

Zone 1 (14.60–14.80) is already in proximity to the current price; if price stabilizes here with higher volume, a bullish bounce is more plausible.
Zone 2 (15.00–15.20) offers a nominal upside trigger. A daily close above 15.20 with confirming volume would improve the odds of a short-to-medium-term reversal.
The 16.50–16.80 zone is a longer-horizon uplift target that, if reached with sustained volume and a break above MA50, would imply shifting trend momentum.

How these levels align with chart reference points:

Support at 14.60 aligns with recent intraday lows and the lower end of the current range.
The 15.00–15.20 zone sits near a confluence of minor support/psychological levels and the MA200 vicinity, where a bounce would be more credible if volume supports it.
The 16.50–16.80 region aligns with MA50 pressure and past consolidation highs, serving as a potential breakout target if there is a sustained reversal.
Resistance at 17.00 is a natural hurdle created by prior highs in the recent pattern, where efficient breakout would require stronger volume and momentum.

Current price action and levels summary: The price is hovering near a key near-term support around 14.60–14.80. A clear, volume-confirmed move above 15.20 and then above 16.10 would shift the short-term bias toward a bullish setup, with a potential test of the 17.00 resistance. Absent that, the structure remains bearish with potential for a bounce limited by the absence of sustained buyers.

Technical Outlook & Summary

Momentum: Negative in the near term, with price below MA50 and MA200 and MACD in the red. The RSI at 24.1 signals oversold conditions, implying a potential short-term bounce if demand returns with volume.
Price action context: The daily chart shows a down-tilt within a broader range; the weekly chart confirms a longer-term downtrend with occasional counter-trend bounces. The immediate concern is a failure to sustain rallies above 17.0–17.2; a break back above 16.5–16.8 would be the first sign of a technical shift.
Volume: No persistent accumulation; spikes tend to accompany downside moves or brief up days. A reversal would need a spike in buying volume and a decisive close above the MA50 region with positive MACD signal.
Key levels to watch:
- Support: 14.60–14.80 (near-term bounce candidate if held with volume)
- Support/entry pivot: 15.00–15.20 (requires a daily close above ~15.20 with volume)
- Resistance: 17.00 (major hurdle to clear for trend reversal)
- MA50 proxy: ~16.10 (critical level for momentum shift)

Strategic implication:

If price stabilizes around 14.8–15.0 and volume picks up on a daily close above 15.20, a cautious long setup could be considered with tight risk management targeting a move toward 16.50–16.80 and a test of 17.00.
Failure to reclaim above 16.10–16.50 with accompanying volume would keep the bias bearish, targeting the next lower support around 14.6–14.8.