BP: Possible Key Reversal - Target $37I have been following a key reversal in BP. It is following crude and it is following a direct path towards the 3/5/20 Opec meeting.
I would say a near term price of 36-38 is possible.
BPL trade ideas
BP Plc (BP.) Close To Key Support Level
BP is steadily going down.
the market is coiling within a falling parallel channel and it looks like 440 level will be reached soon.
analyzing the structure on the left we can see how important this level is for the market participants.
for this reason, we can expect with you a bullish reaction from this level.
our initial target will be the resistance of the rising channel
and our second target will be extended to 486 level.
good luck!
please, support the idea with like! thank you!
Ready to SWING back? My first publish :)Looks like a good contender for short term trade with fair R/R ratio.
BP Earnings call fundamentals Bought 35.5 calls feb 20 @ 0.45 avrg price just before close monday 3rd.
Calls currently @ 2.20 (06/02/20 00:42 GMT)
thoughts that lead me to call BP would be up on earnings -
1. Higher production correctively offset negative effects of lower commodity and energy price structures.
2.Final purchase instalments of BHP (LON) circa April, likely asset flow from said deal is starting to take full effect on their books; consequently, boosting overall output even further.
3. Most interesting point (at least to me) and one of the main fundamental drivers, ROSN (LON) trading volume spiked from 261m value traded December to over422m in Jan, which consequently is the largest in over 10 months. BP owns 20%, so for me this was a major indicator; suspect even higher cumulative output to again offset the falling prices in the quarter.
Didn’t post on TV at the time but for proof I called Monday reference reedit post under KykoKata.
> next target area around 40, second 45.
BP uptrend in the short termBritish Petroleum has formed a double bottom at $36.60 just as doubt and uncertainty was looming yesterday with the OPEC conference delayed finish. The chart showed bullish divergence on the 2nd drop yesterday and I loaded up on Apr 39 calls under .80. I will be holding these calls rather than holding the stock in this uptrend. Good news and big bullish call volume over the past week in the space are all confirmation for me that some better days are ahead for BP and XLE. These calls can easily run up above $2.00 a contract.
Long BP for 5% - Triangle FormingBP has a triangle pattern forming and is looking bullish.
Entry 488
Target 512 = 5% or 24 points
I'm expecting another bounce off the trend line before it breaks but Brexit may say otherwise.
BP BreakdownBP breakdown out of its megaphone pattern. The backtest was unsuccessful.
However, a strengthening '£ vs. $' might encourage it higher. Worth watching.
buy belov 24.62tp after your posision has toubled .
not good idea to sell to get 24 area . better wait behind that number to buy
because there already has been buying on attractive number we may not see 24 area . tho WE SHOULD .
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BP (BP.) in a 20 year downtrendJust throwing some lines on BP (BP.) and it is clearly trending downwards over 20 years.
I have been checking how various stocks were affected by the 2009 crash.
BP experienced a sharp correction in Oct 2008 and June 2010. However feb 2016 was another low point.
This forms a preety much parallel gently downward sloping channel.
This is indicated as reference for what may happen if we experience another crash.
BP. is holding a key support level, but looks to be exhausted on the RSI (based on precedent), and likely entering a downtrend.
BP - Head and shoulders top forming?SELL – BP (BP.)
BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company's segments include Upstream, Downstream, Rosneft, and Other businesses and corporate.
Fundamentals
BP’s second quarter earnings came in flat as increased production offset lower oil prices. According to CEO Bob Dudley, “BP is right on target”. The initial reaction to the results was positive although this quickly reversed sending the shares sharply lower. Increased tensions with Iran and oil tankers being seized has not done much to the oil price, this may be suggesting that prices are high enough and that there is enough oil in circulation to match current demand.
Best Broker Target Price: 700p (Barclays 04/04/2019)
Worst Broker Target Price: 590p (Deutsche Bank 06/02/2019)
Technical Analysis
BP has closed below trend support that began in early 2016 on the weekly chart. This also took out horizontal support at 525p in the process. The shares attempted to rally in the following week only for the shares to be sold down again to form an inverted hammer candle. There is potentially a bigger threat forming in the shape of a head and shoulders top. The neckline of the pattern comes in at around 500p. A break of this level could trigger a deeper corrective move towards the 50%, 61.8% & 78.6% Fibonacci retracement levels over the medium term.
Recommendation: Sell between 500-530p
Stop: 570p
Targets: 456p, 421p & 372p
BP approaching resistance, look out for potential reversal!
BP is approaching its resistance at 38.84 where it is could reverse down to its support at 40.47.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
BP popped up from double bottom and MACD divergenceWatched this one the other day and when prices kept falling even with divergence up in place we put it the watch list. Gapping up today so hard to get in on options. But June 21 40.5 calls at .65c for a quick run up only 3 days until expiration.
BP Approaching Support, Potential Bounce!BP is approaching support where a potential bounce to its resistance could occur.
BP Bounced Off Support, Potential Rise!BP bounced off support where it has the potential to rise further.
BP Bounced Off Key Support!BP bounced off its major support where we expect it to rise further to its resistance.
BP Testing Support, Potential Bounce!BP is testing support where a potential bounce to its resistance could occur.
BP Approaching Resistance, Potential Reversal!BP is approaching its resistance where it could potentially reverse down to its support.
BP approaching resistance, potential drop! BP is approaching our first resistance at 43.43 (horizotnal swing high resistance, 61.8% fibonacci extension, 61.8% fiboancci retracmeent) where a strong drop might occur below this level pushing price down to our major support at 40.72 (horizontal pullback support, 38.2% fibonacci retracement).
Stochastic (55,5,3) is also appraoching resistance where we might see a corresponding drop in price.
BP Reversed Off Resistance, Potential Drop!BP reversed off its resistance at 43.07 (100% Fiboancci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could drop further to its support at 40.81.
Stochastic has also reversed off its resistance.
