By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for August 11, 2010
BP plc (BP) Support & Resistance Levels - 8/11/10
Resistance Levels: $40.25, $41.57, $45.57
Support Levels: $39, $35
Chart - http://www.stockcharts.com/
Support Levels: $39, $35
Chart - http://www.stockcharts.com/
BP Plc (BP) stock hit $41.59 on Monday and is now trading at $39 which is below the 10 day moving average. BP has additional support located near $37 but I'd be surprised if the stock goes that low. As BP trades below $39, I think you can start to take a long position, gradually buying into the stock. If BP would trade down to $35 which is the 50 day moving average, I think it becomes a strong buy for the long term. BP has resistance at $40.25 on the upside.
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