123 low breakout, from this weeks share tips
stops below 2 point which is at 376


dl.dropboxusercontent.com/u/4899609/bp22ndjan2015.png

uk.advfn.com/p.php?pid=chartscreenshotsh...sw%3D&symbol=L%5ERIO
Monthly chart.
This bounced off support @ 364.5p.
It looks like its coming back for a retest, if this support goes, this could quite possibly head to sub 300p
that would be fill yer boots time imho...

Great call on this by WS(see below).

Regards,
trendfriend.

I agree with F4T here,

I warned all on BP there we on the chat forum yesterday and told em to watch 491, well it crapped from 489....

here's the chart i produced to visual/possibility of move for those on the chat facility, before events took place....

before


current:

IMO technicals are only of partial use here. The bad news is not quantifiable, so neither is the bottom. The only way to play this long is to play the bonces and that is dangerous. Shorting a retest of the broken trendline is safer, but still very risky.
uk.advfn.com/p.php?pid=chartscreenshotsh...tXo0=&symbol=A%5EAPT
I am not a gambler so not for me.

Thanks Redchilly,

i did't go long, i was just thinking about it.
This is in a downtrend, and has some way to go imo.
uk.advfn.com/p.php?pid=chartscreenshotsh...fJ68=&symbol=L%5EGKP

Regards,
Trendfriend.

For those thinking of taking a long position pls be mindful of the triangle brekaout to the downside on the monthly

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

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

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.

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.

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.

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

Its broken out of a triangle so be careful
Its making HHs and HLs
Even daily candles are making HH and HL

Horizontal resistance is 510 but its the megaphone resistance which should be the real test (around 524 area)

screencast.com/t/9QrW3HBnsjvM

Entered short speculating on a fall back from resistance at 510. May increase if the price reaches 514.5. I've annotated the chart.

This is approaching a important level of support. Around 464p.

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

Sorry not sure how to download the chart, link above.
Regs,
Trendfriend.

This seems to be dropping a fair amount.

Any views on BP?
Supports and resistance, and good Long entry points if possible please.

Thanks,
Trendfriend.

Not a very encouraging daily candle on this: gapped up and formed a possible shooting star. This could well be a good short now:




dl.dropboxusercontent.com/u/20815047/FTS.../BPdaily09_01_14.png

This has broken out of the 495p resistance today. Sorry, only got yesterday's closing chart:



dl.dropboxusercontent.com/u/20815047/FTS.../BPdaily08_01_14.png

I'm long now. Target 512p. Stop below yesterday's low.