BP is another stock that i have been waiting to get into for a long time. After the Mexican well issue - this went into a rather dull range and last week's price action looks quite promising because:
- its getting near its 200MA
- possible 1-2-3 high setup being in play on the weekly
- oil and gas producers are looking technically quite good chart wise - rsi trending up on the weekly (thats good for XEL too...plus other oilies out there)
- respected trend line by the looks of it
I have attached the BP weekly chart:
dl.dropbox.com/u/4385922/bp.png
Oil and Gas sector chart:
dl.dropbox.com/u/4385922/Oil%20and%20Gas%20sector.png
Anyone else looking to go long on BP or have i gone mad lol..
