By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for August 20, 2010
BP plc (BP) Support & Resistance Levels - 8/20/10
Resistance Levels: $38.30, $41.57, $45.57
Support Levels: $35, $34.58
Chart - http://www.stockcharts.com/
Support Levels: $35, $34.58
Chart - http://www.stockcharts.com/
BP Plc (BP) is now in a full retest of the 50 day moving average located near $35 as expected. BP needs to hold this level on a closing basis and I think it will over the next few trading days. BP will now hit selling resistance at the 10 day moving average located at $38.30. If BP drops below $35, I think it becomes a strong buy for the long term.
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