BP PLC. Company Stock Code BP.NYS
Outlook
Price broke below the cloud on 27 Jan 2020 and has been declining since, even when the DJI was making new historic high in Feb 2020. Price declined to a low of $15.51 and has recovered higher to $27.55. The price recovery has been halted by a gap resistance zone. Price is still in a bearish trend and far away from the cloud. Conversion line has a steep gradient as well, hinting of the strong bearish trend. MACD is bearish and could be above to have a bearish crossover, hinting of an end to the consolidation and a resumption of the bearish trend. Over the past 2 days, price has gapped lower, confirming the bearish trend. If price is unable to move above the $24.16, we see price going back to test the low of $15.51 again.
Strategy
$23.27 Short Sell
$17.33 Price Target
$25.60 Risk Management Stop
3 weeks Trade Duration
BP PLC. Company Stock Code BP.NYS
Outlook
Price broke below the cloud on 27 Jan 2020 and has been declining since, even when the DJI was making new historic high in Feb 2020. Price declined to a low of $15.51 and has recovered higher to $27.55. The price recovery has been halted by a gap resistance zone. Price is still in a bearish trend and far away from the cloud. Conversion line has a steep gradient as well, hinting of the strong bearish trend. MACD is bearish and could be above to have a bearish crossover, hinting of an end to the consolidation and a resumption of the bearish trend. Over the past 2 days, price has gapped lower, confirming the bearish trend. If price is unable to move above the $24.16, we see price going back to test the low of $15.51 again.
Strategy
$23.27 Short Sell
$17.33 Price Target
$25.60 Risk Management Stop
3 weeks Trade Duration
