BP has been steadily going up since February and right now is a pretty good entry point. It has consolidated off its highs of 37 and the daily 8 day ema crossed over into positive territory today. Weekly support is at 31.57 and major resistance is at 37.53. 8/18 after close
Looking to buy BP at 420p. I am bullish oil and expecting USD to fall off from current levels leading to further oil bullishness. As oil is inelastic on demand, we should expect very minor demand decreases on an oil price increase.
We have seen a large fall in BP prices for a very long time. long standing trend line very much in play going down and its just come off another touch.
BP price has respected the technicals very well retracing into the 61 level falling off then retracing into the 50 and falling off before retracing into the trend line again.
looking to see a test of the 320 area now
BP has been slowly moving up with the price of oil since April. This has not yet destroyed the long term bearish momentum on the Monthly timeframe where the downward trend is still intact. Price has now gotten to the top of the Weekly cloud to contain the overall long term bearish trend. At this point it's a "line in the sand" to determine long term sentiment...
BP(Daily) Inverse HS potential, double bottom.
Inverse HS potential brake_out.
Double bottom brake_out confirmed, 26.18 retest.
Gap Fill.
Long on retest of Neckline(after potential AB=CD), or on new high.
OBV set to brake_out.
Earnings due 28/4.
Target_1 : 44
Target_2 : 46.50
$BP completed a bearish Bat two weeks ago.. This was an Elite Zone setup
The first reaction was a quick hit on our first target level, but than the stock rallied back up and spent almost two weeks jumping around the PRZ.
On Thursday and Friday, we finally got the move I was expecting and it seems like $BP may be on its way down to test the 38$ zone... (must pass...
These levels had been first seen in 1997. Will these levels hold? Or the Oil prices are going further down and BP will get even cheaper? I am watching but will definitely buy on any sign of strength. This is definitely a value investment with a dividend yield of more than 6%
Look at the remarkable action around the KEY HIDDEN LEVELS in BP over the past 10 months - There have been multiple tests of the key support lines that provided ideal and low risk entries on pull-backs.
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I'm looking to get long against support down here - I will post my...
