BP PLC. Company Stock Code BP.NYS
Outlook
Price has been declining since 6 Jan 2020 even when the DJI was making new historic high. Price declined to a low of $15.51 and has recovered higher to $25.40. The price recovery has been halted by the Base line resistance around $25.50. Price is still in a bearish trend and far away from the cloud. Both Conversion and Base lines has a steep gradient as well hinting of the strong bearish trend. MACD has a bullish crossover but MACD is bearish and both its lines are far away from the zero line, hinting of a strong bearish trend. If price is unable to move above the $27.05, we see price going back to test the low of $15.51 again.
Strategy
$24.60 Short Sell
$16.40 Price Target
$27.05 Risk Management Stop
3 weeks Trade Duration
Fedex Corp Stock Code FDX.NYS
Outlook
Price has recovered from the low of $88.69 but the recovery is being halted by the Base line around $127. The Base line resistance is also the Fibonacci 50% correction point of the decline. Price is far below the cloud and this is a hint of a strong bearish trend. Lagging Span confirms the bearish trend with its line below price of 26 periods ago as well as below the cloud. If price is unable to move above $134, we think price could be moving lower to $90 again. MACD is bearish although there is a bullish crossover in the bearish zone.
Strategy
$122.30 Short Sell
$90.80 Price Target
$130.20 Risk Management Stop
3 weeks Trade Duration
