TF,all
What is your views on BP?
I am keen to add these to my ISA..
Ta
G

bp daily. Chart from 5 July 2017.
uk.advfn.com/p.php?pid=chartscreenshotsh...H37S+LCUdch9vPUVOPU=

Nice easy, this should break out of this triangle soon, which should present a nice easy trade in the direction of the break.

Long above the triangle, and short on a down break of the triangle.

I think will eventual hold the support trendline and break up, so if you really like these buying around the 440p area, is not a bad idea. Otherwise one to watch for now.

atb, wdik, dyor,
trendfriend

A quick look at BP, as it's been in the news today.

first the daily, gapped down(just a small gap) but that's not looking very good with that candle, closed right on the 50 day ema line, so below that level, this could well go to around 425p short term, to the 200 day ema line and current trendline channel. Note the massive bearish divergence!!


What is interesting here ia long term monthly chart. This needs to break the overhead trendline and fly away!!
until then a longer term move back to 300p area cannot be ruled out.

as always folks dyor, wdik, atb
trendfriend

Trendfriend wrote:
Just as i thought.....lol..back to the lows........
This may well go sub 300p now imho.............
Looking to buy for a long term hold at some point...
Trendfriend.

Hey TF, I love you posts, so please don't think it is anything like 2 Vs 1, just different points of view.

As you point out, the POO is revisiting lows and some of the oil companies who have enjoyed a Bull run have soared and look to have defied the move in POO back down....to me, that in itself could be a warning of a downward push, I "sort of" agree with this article's stance:

www.iii.co.uk/articles/276457/warning-signals-everywhere

All the fun of the markets

Off course you guys are correct in what you say...
Except oil is still near the lows, and BP has rallied from 325p to 390p (and above 400p last week)
Is that not a good sign, the weakness in these stocks is ending?? and as BP is the biggest oil stock, the others are likely to follow....
Anyway not going argue, lets just say you guys are right, as it's two against one on this, and i'm totally outnumbered!! lol :

Exactly my thoughts F4T they are all taking their lead from the POO

www.dailyfx.com/crude-oil

Hi TF,

why do you think that BP will lead other oilies? The leader is crude in this sector currently followed by the dollar and general market conditions. Other than that, look to individual fundamentals.

F4T

Nearly, it's trying to break out for a 1,2 3 low...

good news for oilies if it does imho..

uk.advfn.com/p.php?pid=chartscreenshotsh...3D&symbol=LSE%3AGENL

Regards,
Trendfriend.

Quick look at BP as its the leader of the oilies...

uk.advfn.com/p.php?pid=chartscreenshotsh...dKS22eulzrKFLgUr/aU=
Long term daily, two trend channels, long term in black, and short term in red. it has broken out of the short term trend channel.

close up daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...oHaMInypvDKqYcFS4%3D

That chart looks a bit busy, too many things in play.
A break above 397p, would mean 1,2,3 low.and the bearish picture disappears for now at least, best case upside target would 450p area.
Although this has broken out of the short term trendline...that should be a bullish move.
However it did not do a 1,2 ,3 low(all of last week)@ 397p, which is close by... and a trendline break should be conclusive to give confidence to buyers... a big gap, or a nice big candle or candles..
This is just hanging around the trendline.
Also we have a traingle in play it looks like a bull flag or pennant.... i think its a triangle, and it will break in the next day or two imho...the break will be down imho...
This is also being held up by the 20 day ema, so a bearish break below, especially if its with a gap will make the bearish outlook clear here imho...
this week is important here imho... if this moves down other oilies will get dumped imho...
Hope you all have a nice week

Regards,
Trendfriend.

This is now in this falling trend channel...
It made a decent attempt to break out..
uk.advfn.com/p.php?pid=chartscreenshotsh...8i0%3D&symbol=L%5EBP.

A 1,2,3 low is also possible...
uk.advfn.com/p.php?pid=chartscreenshotsh...1MY%3D&symbol=L%5EBP.

This has results today... i favour a move down, to the lows...and will take the whole sector with it??
Jmho,
Regards,
Trendfriend.

chart form yesterday...
uk.advfn.com/p.php?pid=chartscreenshotsh...ek=&symbol=undefined

RSI breakout could be sign bottom is in??
Im not totally convinced unless it can get above 360p. thats the place to go long stops around 355p.
360p is long term support/resistance, and the 50 day ema is around 358p... So if can get above those two levels could be the real deal imho...
Otherwise news lows still possible, also a couple gaps that could get filled..



Regards,
Trendfriend.

Sold bp at 348 today....in from 327p after getting two times stopped out.....will it go beyond 350p?

lots of selling volume on Friday

www.dropbox.com/s/kwam5v7ou47ojvf/BP_18T...nd%20change.png?dl=0

Out of BP at 344.56p.
Will wait to get in again...
Good weekend
Ta
G

It does look like a breakout. MRA.
Let's see if it can get to and above 360p.
This is still in down trend, and sell the rallies mode atm...
Unless it gets back in its range....360- 500p

Regards,
Trendfriend

I think Looking at the daily Chart, you can see in the attached chart below,the short term trend line broke out to the upside today!!!

www.dropbox.com/s/jtxw9nbfw2wu1bi/BP_16_..._2015_Daily.png?dl=0

I dont think this has bottomed yet imho... i could off course be totally wrong...

This chart shows what i mean, BP had been in a range of 360p to 500p since 2011(barring some bull trap breakouts)
uk.advfn.com/p.php?pid=chartscreenshotsh...DNURM%3D&symbol=L^BP.

This needed to jump back above 360p quickly to get back in that range, it tried and failed.

The question here is not if 300p will be tested??
I think its more a case of will 300p hold!!
Its easier to see on the Monthly.
uk.advfn.com/p.php?pid=chartscreenshotsh...FFEGZ8s=&symbol=L^BP.

Regards,
Trendfriend.

I have gone on this at 330p...tight stops.
Ta
G

ive already been bailed out for a loss on this one.
the markets have turned down again so longs are risky at the moment.

Remo,
what price would u get out.. if it goes higher?

ta
G

Ive gone long today on the hope of a early entry for the 123 low set up trade. I like to attempt an entry when the price breaks above the previous days high .My stop is below yesterdays low so small risk trade.

dl.dropboxusercontent.com/u/4899609/bp8thsept2015.png

Still holding the fire.....

I got an ISA to fill... and I guess. OPEC plus Russia will reduce productions....

Hope to getin BP ... hope it will go sub 330p

ta
G

Almost bought at 330p...
Then thought let me wait till 300p
May be next time
Ta
G

300 is the best level to buy for this share as it has strong support there. It would have to be a first attempt trade.Short term trade thou until a clear 123 low signal forms



dl.dropboxusercontent.com/u/4899609/bp26thaug2015.png
Paitech wrote:

weekly chart attached...

BP chart.. around 300p, may make first entry... ta
G

Remo,
Would you think its a good buy near 300p?
Ta
G

This one is getting closer to lowers of 2010?

May be time to buy with one of best FTSE div companies?

ta
G

As it is one of the FTSE top 10 dividend yield stocks, post the Ex Div date (6th August) potentially one of the causes of recent weakness:

www.topyields.nl/Top-dividend-yields-of-FTSE100.php

That and oil breaking support?

www.dailyfx.com/crude-oil

looks like it might be a rocky few weeks for oil stocks....time to sit on the cash pile a little longer, wait for the bottom?

Just looking at a monthly chart here.
uk.advfn.com/p.php?pid=chartscreenshotsh...oo938=&symbol=L%5EBP.

This looks to heading to 360p area, which is important support and should hold...

If it does break 360p it could well be heading to 300p
Worth also bearing in mind, if BP heads to 300p, the ftse could go below 6000
May well not end up being so bad, so lets see...

Regards,
Trendfriend