Tag: BP PLC

BP PLC Stock Code BP.NYS

Outlook

Price broke and closed below the cloud in the previous trading session, changing the chart outlook to bearish. Conversion and Base lines had a bearish crossover, hinting at a bearish price trend. Lagging Span is below price of 26 days ago but is above the cloud. MACD is bullish with both lines above the zero line. However, MACD had given a bearish divergence warning earlier, hinting at a possible price high. We think price is likely to move lower to the next price support at $25.12 in the next 2-3 weeks.

Strategy                  

$28.50                Sell

$25.12                Price Target

$29.95                Risk Management Stop

3 weeks              Trade Duration

BP PLC. Stock Code BP.NYS

Outlook

Price gapped below the cloud in the previous trading session, changing the chart outlook from bullish to bearish. This gap and the Conversion line are both likely to act as resistance to any price rally. This bearish trend will only be reversal if price can close the gap to $27.30. Conversion and Base lines had a bearish crossover earlier, hinting at a bearish price trend. Lagging Span is below price of 26 days ago but is above the cloud. MACD has turned bearish and is moving lower. We think price is likely to go down to the next support point at $22.83 in the next 2-3 weeks.

Strategy                  

$26.10                Short Sell

$22.85                Price Target

$27.30                Risk Management Stop

3 weeks              Trade Duration

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