BP May Face Upward Pressure

NYSE:BP   BP p.l.c.
Energy stocks have been running lately. One big name has lagged but may play catch-up: BP.

The first pattern on today’s chart is the $37.36 level. It was the opening price on May 2 when the stock gapped lower. Prices have remained below that line since, which may create the potential for a breakout if resistance gives way.

Second, May ended with a false breakdown under the March low of $34.14. Next came a series of higher weekly lows. Are buyers lurking near the current range?

Third, BP reclaimed its 50- and 200-day simple moving averages (SMA) almost a month ago. The 8-day exponential moving average (EMA) has also remained above the 21-day EMA. Those signals may indicate the short- and long-term trends are getting more bullish.

Finally, BP may resemble Home Depot on June 21. It was also quiet as the broader housing group surged, only to break resistance and trend higher.

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