I think oil is set to blast off. The indications are clear in the prices but I also think fundamentally - not based on the current ratio supply and demand of oil necessarily but in the geopolitical uncertainty that lies ahead. If the USA proceeds with "defending" the South China Sea as promised by the leadership, we will see oil prices react.
BP has rallied into resistance at around the 500p level. This is probably a call to take a bit of profit rather than initiate a speculative short. Medium to Long term we are a fan of the oil majors.
Failure to hold above the rising trend line amid the bearish price RSI divergence on the weekly chart and a bearish crossover on the weekly MACD suggests potential for a sell-off to last week’s low of 432.15. On the higher side, only a weekly close back above the rising trend line would signal short-term bearish invalidation.
Sell at resists buy at supports, break s/r wave zones further low
Looking at BP back to November of 2015 to now....looks like a cup and handle pattern is really starting to take form here. Anyone else seeing this or think otherwise?
BP approves final investment decision on $8B Indonesian LNG project 7% dividend
BP has been slowly moving up with the price of oil since April. This has not yet destroyed the long term bearish momentum on the Monthly timeframe where the downward trend is still intact. Price has now gotten to the top of the Weekly cloud to contain the overall long term bearish trend. At this point it's a "line in the sand" to determine long term sentiment...
Look guys, this is the same Fib retracement that has HELD since the Jan-Feb selloff. Do not take my word for it. Look at my previous predictions, load the new data, and see how much money was made. MPC has had a history of bucking the market. When SPX was down 2%, this was down 7%. When SPX was up 3%, this was up over 8.5%. This is a lower liquidity, higher...
Renewed offered tone around the single currency keeps EUR/GBP on a weaker footing at the beginning of the week. The pair was rejected at day's highs by 0.7205 Rally in the cross post ECB was capped below the daily cloud supporting a resumption of the downtrend. Breaks below 0.7175 (38.2 % Fibo of Oct 13 to Nov 17 fall) could take the pair lower to 0.7100...
Look at the remarkable action around the KEY HIDDEN LEVELS in BP over the past 10 months - There have been multiple tests of the key support lines that provided ideal and low risk entries on pull-backs. Subscribe to "Key Hidden Levels" in the "Marketplace Add-Ons" section of "Indicators" . I'm looking to get long against support down here - I will post my...