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Tuesday, July 6, 2010

BP plc (BP) Stock Analysis - July 6, 2010

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for July 6, 2010

BP plc (BP) Support & Resistance Levels - 7/6/10

Resistance Levels: $30.42, $32.53, $34.46, $36.20

Support Levels: $29

Chart - http://www.stockcharts.com/


BP plc (BP) closed above the 10 day moving average during the past two trading days. BP stock now has resistance located at $30.42 as well as $32.53. I plan to buy BP for a trade when the stock breaks $30.42 and add above $32.53. I expect BP to retest the 50 day moving average within the next few months but the 50 day will be much lower. If you are looking at taking a long term position in BP, wait for a few closes above the 50 day moving average.

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