BP has been slowly moving up with the price of oil since April. This has not yet destroyed the long term momentum on the where the downward trend is still intact. Price has now gotten to the top of the Weekly cloud to contain the overall long term . At this point it's a "line in the sand" to determine long term sentiment going into this quarter. I'm taking a pre-earnings play with October 33 Puts. I'm targeting the next major support at 31.55 by before September to get out before theta decay kicks in.