ZenMode

BP technically looks good here. +13.9% Dividend

Long
NYSE:BPMP   BP MIDSTREAM PARTNERS LP
Price moved above the 20dma. The moving average however is pointed down, but the rate of change going down is finally slowing.
I think this will have a tough time breaking 10.4 pivot point on the first go, it failed the first time. Here's to the 2nd attempt. $10.5 would be future support.

Comments

Smart money looking for that dividend income. Bravo
+1 Reply
This is just my opinion but price seems that it is about to drop through support. I see a bearish flagging continuation pattern forming the handle of an inverse cup-and-handle pattern. We could also look at this as a large descending wedge pattern. The pattern you have laid out has been nullified, since price is trading too far into that symmetric for it to be considered.
I'd wait for it to break the minor symmetric you have laid out, to find another bottom to the major bullish symmetric that seems to be forming.
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thejew84 Antikythera_Mechanism
@Antikythera_Mechanism, On a technical basis yeah it looks bearish but on a Fundamental basis, it's the farthest thing from. I'd say you are likely correct if the market continues to go down but if not there is a good chance the upside will continue for most of the oil industry.
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@thejew84, This is pretty old. It did break-down to support but has rallied since. So, we were both correct, to an extent.
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thejew84 Antikythera_Mechanism
@Antikythera_Mechanism, yeah no kidding, just looked at the date. Sorry for bothering you.
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@thejew84, No worries, man!
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