kizly
Long

Formation near finish

NYSE:BP   BP PLC
41 5 5
BP             almost finished formation
Do you think this is going to break out? I had created a post about a cup and handle pattern forming from November to now. What do you think?
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kizly andrejt08
Very hard to answer.
It depends on oil price - if it breaks current stron resistance it will break up for sure.
I have exited position with nice win starting from app 33. First time I went from 28,xx - 36.99.
I'm out of all of my oil related postions - waiting for pull back to enter again. But that is only my view - not always succesfull.
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Nice trade! I am also waiting for a pull back as it looks very over-bought. Looking to re-enter between around $34 based on Fib levels.
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kizly andrejt08
Agree, only my entry will also depend on S&P situation. I'm currently short S&P buying SH around 38.00 selling around 38.44, but I expect stronger correction which will take down oil stocks too.
Regards
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kizly andrejt08
@andrejt08, now I start buying back BP .- mnot complete position 25% - 25% and so on
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