The great LNG burning resumes

Monday, 14 September 2015

I’ve made no secret that in my view all Australian LNG producers are going to see equity prices back in 2003 ranges before too long and today’s technicals provide more evidence that we are well on the way.

Today’s victim is WPL, which has been rudely slapped away by Oil Search leaving WPL without any strategy at all having brought Browse under question by attempting the takeover:

The chart is absolutely awful with a gigantic bearish descending triangle pattern that has broken down and has only one little intra-day GFC low support left before we free fall ignominiously to, well, 2003!

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.