timwest
Long

BP P.L.C. - BP - Daily - Down to Key Support - $2.50 upside

NYSE:BP   BP P.L.C
304 6 5
Oversold on news to old support.

Tim 12:05PM EST Tuesday, Sep 9, 2014
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my friend...what do you think now? Time to short?
Reply
timwest PRO elcololp
Good question - so many oil/related names are under pressure. The offset to this nice rally to the higher "key level" before failing and hitting the stop was to be short CVX that I've been shorting the whole way down. The offshore drillers are getting pounded and those are at interesting levels down here. So, my answer is to "not short BP".
+1 Reply
Will you republish your Long idea, if you are not biased at the moment. Thanks, Hamed
Reply
timwest PRO HamedAghajani
The whole sector is looking for a bottom... XLE, OIH, CVX, MPC, amongst many others are nice and oversold. A true test of a bull market is the rotation from sector to sector leading the market. The oils led us up first, then Russell 2000 (IWM), then we've been in a rotating decline since... IWM peaked in FEBRUARY, and oil stocks peaked this summer. I'll re-look at BP next week. I don't mind if you ask again about it (to remind me). Thanks Hamed!
+1 Reply
Once again, it works like a charm.
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I really like the way you analysis the market thanks for helping me to learn
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