It was another rollercoaster week for ASX shares as the recent bull run came to an end. The S&P/ASX 200 Index (ASX: XJO) closed the week 2.5% lower at 5,847.8 points.
But as always, a falling share market creates some great buying opportunities. Here are a couple of top ASX shares that I think could be trading cheaply today.
The Webjet Limited (ASX: WEB) share price
One ASX share that got hit pretty heavily last week was Webjet Limited . Investors have been bullish on Aussie travel shares in recent weeks with the Webjet share price climbing 108.8% between 23 April and 9 June.
That strong momentum came to an end last week as Webjet shares crashed 12.03% lower. No one knows quite what the travel industry will look like in 2020 and beyond.
This means the ASX travel share could continue to be volatile in the weeks ahead. I still think its a speculative buy, especially given the recent share price doubling.
However, if travel rebounds quickly and Aussies are happy to spend their spare cash, Webjet could turn out to be a bargain at its current price of $3.94 per share (at the time of writing).
The Woodside Petroleum Limited (ASX: WPL) share price
I’ve also got my eye on ASX oil shares after some of the heavy falls we saw last week. In particular, The Woodside Petroleum share price slumped 8.52% lower to $21.37 per share.
However, I think there are some positive signs for the Aussie oil and gas producer. With coronavirus restrictions easing and the economy warming up again, demand for oil could be set to surge.
Higher demand means higher oil prices which is good for corporate earnings. This could mean the Woodside share price is a cheap buy at its current price.
Foolish takeaway
These are just a couple of ASX shares that could be trading at ridiculously cheap prices in the current market.
For more great bargains, check out these 5 ASX shares for a good price today!
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- Gold mining shares – these are the facts and myths
- Is the Transurban share price a secret bargain?
- 3 ASX shares with 6% dividend yields to buy for income
- 50% off: these ASX 200 shares are dirt cheap today
- ASX winners and losers from last week
Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Is the Webjet share price ridiculously cheap? appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3huuyqI
Leave a Reply