BP

Thanks RC, volumes picking up too. I think you're right. I'll close at around b/e and wait for this. Thanks again.

This is looking quite bearish at the moment.

Trendline broken, bearish divergence, 200 day ema pierced.

Min target support at 465p area which has beeen good support, and the area i was looking at initially. However i think this will continue downwards and have some kind of bounce at the 454p on the gap fill.


Even this bounce could be short lived, and this could quite possibly continue lower.
Worth a long trade at 454p area imo, but this is very much in bear mode ATM. Only a break back above the trendline and 200day ema, which change this.
This is the link
uk.advfn.com/p.php?pid=chartscreenshotsh...VkU%3D&symbol=L%5EBP .
A close up.
uk.advfn.com/p.php?pid=chartscreenshotsh...epQKM=&symbol=L%5EBP .

Regards,
Trendfriend.

Hi TF.

I also agree with this analysis.

Having a look at the weekly, there are some clear support area's correlating in the 255-264 region as per attached chart.

I also plan on going long, but it will be a short term trade due to the clear break of the RSI trendline in correlation with the oblique trendline on the chart.

Gone long here at 466p
Day trade only, as indicators still look bearish.

Good support in this area, so should see at least a bounce of some sort.

Regards,
Trendfriend.

Near resistance, possible 123 low breakout..one to watch.

uk.advfn.com/p.php?pid=chartscreenshotsh...u90%3D&symbol=L%5EBP .

Thinking about a long @ 455p.
Probably a bad idea to catch a falling knife, so going to leave it for now and see where this goes.

The reason for the drop, is BP have been found guity for the Gulf oil spill in 2010.
uk.reuters.com/article/2014/09/04/uk-bp-idUKKBN0GZ1RH20140904