Status; Trend continuation/Overbought
The stock is set to move lower having met resistance at 530.161
ENTRY; Current price 520
TARGET; 482 & 457
Only the upward break of 555.700 will invalidate the trade.
Rising trend line has been breached, we also see -
Head and Shoulders (H&S)
H&S neckline and Bear flag floor coincide... offer support at 448.00 levels.
The bearish breakdown was confirmed on Friday. Today's up move is nothing more than a bull trap...
Prices likely to test 400.00 levels over the next week or so.
The bearish view goes will with...
Failure to hold above the rising trend line amid the bearish price RSI divergence on the weekly chart and a bearish crossover on the weekly MACD suggests potential for a sell-off to last week’s low of 432.15.
On the higher side, only a weekly close back above the rising trend line would signal short-term bearish invalidation.
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