CFD Trading – Sell BP PLC. (BP.NYS) @$25.30. Stop @ $26.40 and Target @ $22.35.

BP PLC Stock Code BP.NYS

Outlook

Price has been moving up towards the cloud, after touching a low at $22.36. However, the rally is coming into the cloud resistance with Lagging Span dropping below the cloud at the moment. This could be a sign of a bearish trend ahead. Conversion and Base lines had not had a bearish crossover as yet. Lagging Span is above price of 26 days ago but is below the cloud. MACD remains bearish with the fast lines around the zero line and could be turning down. We think price is likely to be capped by the cloud and price is likely to move lower to $22.36 in the next 2-3 weeks.

Strategy                  

$25.30                Sell

$22.35                Price Target

$26.40                Risk Management Stop

3 weeks              Trade Duration

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.